°Pizzan452♡B41990 1 2 3 4 5 6 7 8 9 10BurgersPlease refer to the graph above.A human goes to the market and must decide between buying Pizzas or Burgers for their meal.Their budget is $181. The price of a burger is $18. What is the estimated price of a pizza?about $40O about $10O about $30O about $20

Step 1: Step 2: Step 3: Step 4:

Answered: ° Pizzan 4 5 2 ♡ B 4 199 0 1 2 3 4 5 6…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter5: Consumer Choice: Individual And Market Demand

Section: Chapter Questions

Problem 5TY

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The price of DVDs (D) is $20.00 and the price of CDs (C) is $10.00. Phillip has a budget of $100.00 to spend on the two goods. Suppose that he has already bought 1 DVD and 1 CD. In addition, there are 3 more DVDs and 7 more CDs that he would really like to buy.The price of DVDs (D) is $20.00 and the price of CDs (C) is $10.00. Phillip has a budget of $100.00 to spend on the two goods. Suppose that he has already bought 1 DVD and 1 CD. In addition, there are 3 more DVDs and 7 more CDs that he would really like to buy. 1.) Using the line drawing tool, given the above prices and income, draw his budget line in the figure.Label this line 'L'. 2.) Using the point drawing tool, and considering what Phillip has already purchased and what he still wants to purchase, identify the three different bundles of CDs and DVDs that he could choose. Label these points 'bundle 1', 'bundle 2', and 'bundle 3'. (Assume that he cannot purchase fractional units) Carefully follow the…
Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and $2.00 for a pizza. (MU is marginal utility) Quantity of Gasoline MU of Gasoline MU of Gasoline per dollar Quantity of Pizza MU of Pizza MU of Pizza per dollar 1 35 35 1 30 15 2 25 25 2 18 - 3 16 16 3 17 - 4 10 10 4 10 - 5 5 5 5 8 - 6 4 4 6 7 - Complete the table choose the quantity of gasoline and the quantity of pizza that will maximize the consumer's total utility. what is the marginal utility per dollar spent on the fifth hamburger? Quantity of gasoline Marginal utility from gasoline Quantity of hamburgers Marginal utility from hamburgers 1 35 1 20 2 25 2 18 3 16 3 17 4 10 4 10 5 5 5 8 6 4 6 7 Given the data in the above table, income of $13, a price of $1 for a gallon of gasoline and $2.00 for a…
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Suppose one have a budget of $1000. The price of one unit of X is $20 and the price of one Unit of Y Is $10 If X provides one utility and Y gives one disutility, what is the equilibrium amount of X and Y for the consumer! Explain your answer with graph!
28. Alternatives that are all equal satisfying to a consumer are illustrated by a) an indifference curve b) a supply curve c) a budget line d) a trade off
There are only two brands of tennis balls Tom purchases: "Wilson" and "Penn." The more he purchases of a ball, the lower the marginal utility of that ball. He spends all of his income and his marginal utility of a "Wilson" is 6 and his marginal utility of an "Penn" is 12. The price of a "Wilson" ball is $1 and the price of an "Penn" is $2. Which of the statements is true based on the above information? Question 19 options: a) Tom could increase his satisfaction by trading "Wilson" for "Penn." b) In equilibrium, Tom must give up three "Penn" balls for two "Wilson" balls. c) Tom can increase his satisfaction by doing nothing d) Tom would be willing to give up two "Penn" balls for one "Wilson" ball.
Root beer Candy bars Quantity Total Marginal Quantity Total Marginal utility utility utility utility 0 0 0 0 0 0 1 60 60 1 80 80 2 110 50 2 150 70 3 150 40 3 200 50 4 180 30 4 230 30 5 200 20 5 240 10 6 210 10 6 240 0 Reference: Ref 6-9 (Table) Using the information in the table, assume the consumer has a weekly budget of $3, the price of a root beer is $1 and the price per candy bar is $0.50. The consumer maximizes utility by: purchasing three root beers. purchasing two root beers and two candy bars. purchasing six candy bars. purchasing four candy bars and one root beer.
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A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts is 30. Is this consumer maximizing his or her utility? Would you suggest that he buy more jeans and fewer T-shirts, or more T-shirts and fewer jeans?
Brian spends his entire monthly income of $1200 on shoes (S) and pizzas (P). The price of a pair of shoes is $60, and the price of a pizza is $20. If he consumes 10 pairs of shoes and 30 pizzas, his MRS is 2P/1S. (A quantity of shoes is measured along the x-axis, and a quantity of pizza is measured along the y-axis.) His choice is optimal. True False
The above table shows Jane’s total utility from buying dresses and from Shoes. Suppose that she has a monthly budget, each dress costs $200 and each pair of Shoes costs $100.a. Calculate Jane’s total utility and MU per dollar spent on Dresses.b. Calculate Jane’s total utility and MU per dollar spent on Shoes.c. If Jane has a budget of $1,000, how much of each good will Jane consume inequilibrium to maximize her total utility?d. What is the minimum monthly budget that Jane can maximize her totalutility in consuming both goods?

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