Part 3 Given the total quantity of movie tickets and total concession stand items consumed in a month and the total utility derived at Ruby Red Movie Theater for the change in concession stand prices, calculate the marginal utility and the marginal utility per dollar for movie tickets and concession stand items. Step 1: Calculate marginal utility and marginal utility per dollar for movie tickets. (Note: The information here is the same as in Part 1, Step 1.) Quantity of Tickets Consumed Total Utility Marginal Utility Movie Ticket Price Marginal Utility Per Dollar for Movie Tickets 0 0 --- --- --- 200 150 $10.00 400 275 $10.00 600 375 $10.00 800 450 $10.00 1,000 500 $10.00 1,200 525 $10.00 1,400 525 $10.00 (Continue on next page) Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items. Quantity of Concession Stand Items Consumed Total Utility Marginal Utility Average Item Price Marginal Utility Per Dollar for Concession Items 0 0 --- --- --- 400 200 $20.00 800 375 $20.00 1,200 525 $20.00 1,600 650 $20.00 2,000 750 $20.00 2,400 825 $20.00 2,800 875 $20.00 Part 3 Question 1: What quantity combination of movie tickets and concession stand items would maximize utility now that the average price of concession items has changed? Your Answers: Quantity of Movie Tickets Quantity of Concession Stand Items Part 3 Question 2: What is the average price concession stand items? Your Answer: Concession Stand Items Average Price
Part 3
Given the total quantity of movie tickets and total concession stand items consumed in a month and the total utility derived at Ruby Red Movie Theater for the change in concession stand prices, calculate the
Step 1: Calculate marginal utility and marginal utility per dollar for movie tickets. (Note: The information here is the same as in Part 1, Step 1.)
|
Quantity of Tickets Consumed |
Total Utility |
|
Marginal Utility |
|
Movie Ticket |
|
Marginal Utility Per Dollar for Movie Tickets |
|
0 |
0 |
|
--- |
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--- |
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--- |
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200 |
150 |
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$10.00 |
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400 |
275 |
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$10.00 |
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600 |
375 |
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$10.00 |
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800 |
450 |
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$10.00 |
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1,000 |
500 |
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$10.00 |
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1,200 |
525 |
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$10.00 |
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1,400 |
525 |
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$10.00 |
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(Continue on next page)
Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items.
|
Quantity of Concession Stand Items Consumed |
Total Utility |
|
Marginal Utility |
|
Average Item Price |
|
Marginal Utility Per Dollar for Concession Items |
|
0 |
0 |
|
--- |
|
--- |
|
--- |
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400 |
200 |
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$20.00 |
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800 |
375 |
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$20.00 |
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1,200 |
525 |
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$20.00 |
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1,600 |
650 |
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$20.00 |
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2,000 |
750 |
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$20.00 |
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2,400 |
825 |
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$20.00 |
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2,800 |
875 |
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$20.00 |
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Part 3 Question 1: What quantity combination of movie tickets and concession stand items would maximize utility now that the average price of concession items has changed?
Your Answers:
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|
Quantity of Movie Tickets |
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|
Quantity of Concession Stand Items |
Part 3 Question 2: What is the average price concession stand items?
Your Answer:
|
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|
Concession Stand Items Average Price |
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