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- If MUCoffee/PCoffee > MUDonuts/PDonuts you will spend your next dollar of income on coffee you will buy 2 more coffees you will buy 2 more donuts you will spend your next dollar of income on donutsSuppose Amanda spends all of her income of $1,000 on mascara (M) and chocolate (C) The prices per unit are PM = $5 and PC = $10. What is the maximum amount of chocolate that she can consume? a. 200 b. 5 c. 100 d. 1,000Raymond consumes meatloaves and pineapples. He has decided that hismonthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. i. Draw a graph of Raymond’s budget line (meatloaf on the y axis). ii. Show how Raymond’s budget line changes if the price of pineapplesincreases to $370.
- Write down the equation for the budget constraint and then graph it for .. Px = $100 Py = $25 Income = $5,000.00Calculate the marginal utility .. # of cookies per day Total Utility per Day 0 0 1 100 2 200 3 275 4 325 5 350 6 360 7 360Briefly outline and explain some of factors that depend on line amount of a commodity a consumer os prepared to buy
- Relationship Between the Consumer Demand Curve and Marginal Utility Discuss the impacts of marginal utility. Imagine that you are a seller of sunglasses: How can you increase the consumer demand curve by helping increase the marginal utility for consumers? Detail specific steps to take and provide examples.Akram spends all of his income on food and clothing. When the price of clothing decreases, he buys more clothing.Does the income effect cause her to buy more or less clothing? Explain.Kim has $40 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $10 while each yoga class costs $5. Graph Kim’s budget constraint, with movies on the x-axis and yoga on the y-axis. What is the value of the x-intercept? What is the value of the y-intercept? What is the slope of this budget constraint?
- The Law of Demand and Marginal Utility Daniel allocates hisbudget of $24 per week among three goods. Use the followingtable of marginal utilities for good A, good B, and good C toanswer the questions:QA MUA QB MUB QC MUC1 50 1 75 1 252 40 2 60 2 203 30 3 40 3 154 20 4 30 4 105 15 5 20 5 7.5a. If the price of A is $2, the price of B is $3, and the priceof C is $1, how much of each does Daniel purchase inequilibrium?b. If the price of A rises to $4 while other prices and Daniel’sbudget remain unchanged, how much of each does he purchasein equilibrium?c. Using the information from parts (a) and (b), draw the demandcurve for good A. Be sure to indicate the price andquantity demanded for each point on the curve.15. Consumer Surplus Suppose the linear demand curve for shirtsslopes downward and that consumers buy 500 shirts per yearwhen the price is $30 and 1,000 shirts per year when the priceis $25.a. Compared to the prices of $30 and $25, what can you sayabout the marginal valuation that…Jamani earns a weekly income of $6000. Suppose he wishes to spend this income on two goods, games and DVDs only. A game costs $200 while a DVDcosts $600. Draw Jamani’s budget line. Putting games on the Y axis. ii. Suppose his income increases to $9000 per week, illustrate what happens to her budget line.iii. Suppose the price of games increase to $600, while his income and the price of DVDs is unchanged from part (i).: Given that Rhumbi's budget line is 25=1/4 Cake +Tea and the price of tea is R10. What is Rhumbi's income and price of cake?