Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $4.00 and $2.00 respectively.   What is the marginal utility per dollar spent for the fourth burger?

Q: Define Economic utility

A: Economics studies the behavior of consumers and producers and tries to understand the factors which…

Q: Total utility is 0 when marginal utility is 0 True/False

A: # Utility is a concept which helps us calculate the satisfaction a consumer gets when a good or…

Q: Using the chart below, what is the marginal utility of consuming the third slice of pizza. Slices of…

A: wants satisfying power known as utility , total utility refers that when you consume all commodity…

Q: Which statement BEST describes the principle of diminishing marginal utility?

A: C is the correct option and describes the principle of marginal utility.

Q: If the total utility from consuming seven units of a product is 336 and the marginal utility of a…

A: Total utility means the amount of total satisfaction that a consumer gets from consuming the goods.…

Q: For each of the following utility functions, compute the marginal utility of good X (MUx) and the…

A: Answer: Marginal utility: marginal utility refers to the addition to the total utility when an…

Q: Show how the budget constraint affects utility maximization.

A: Answer: Introduction: A consumer maximizes his/her utility by choosing the bundle of goods that…

Q: Define marginal utility. (50 words)

A: Utility means the satisfaction that a consumer gets after the consumption of a good or service. It…

Q: An individual has the utility function U=4X 0.5Y 0.5 and can buy good X at £ 2 a unit and good Y…

A: Answer to the question is as follows :

Q: What kind of preferences are represented by a utility function of the form u(x1, x2) = √x1 + x2?…

A: If the MRS is constant for both the goods, it implies that the consumer is ready to exchange one…

Q: The law of diminishing marginal utility says that.... ........... as a person consumes more and more…

A: The consumers, or the individuals, or the households purchase goods, and services in order to…

Q: The table below contains information about the total utility you gain from coffee you buy from a…

A: The TU {total utility} is described as the total satisfaction that a customer can derive from the…

Q: Total utility is maximized when marginal utility becomes (positive, zero, negative)

A: The utility is a want satisfying power of a commodity. Marginal utility is the additional utility…

Q: What is the axiom of consumer choice that implies that consumers spend all their income in order to…

A: The maximum utility is maximized where the last $ spent on each goods provide exactly same marginal…

Q: The principle of diminishing marginal utility says that A. total utility increases by smaller and…

A: Law of diminishing utility means that additional utility gained from consuming one more unit factor…

Q: 8)  When Marginal Utility = 0, Total Utility is A) Maximum B) Constant C) Minimum D) None of the…

A: Total Utility:-  The overall amount of contentment achieved by a consumer as a result of consuming a…

Q: When marginal utility is decreasing but positive, total utility is a increasing at a decreasing…

A: Marginal utility is the additional utility that is derived by consuming an additional unit of the…

Q: When marginal utility is positive, total utility____

A: Marginal utility is the additional utility derived from having an additional unit of commodity.…

Q: Jack’s preferences are represented by the utility function U = XY^2. PX = 1, PY = 1.5 and his budget…

A:

Q: Suppose you consume 3 pounds of beef and 5 pounds of pork per month. The price of beef is $1.50 per…

A: The ratio of the marginal utility of beef to pork can be calculated as follows:…

Q: The marginal utility of the 8th can of beer is

A: In economics, marginal utility refers to the additional satisfaction or benefit (utility) a buyer…

Q: Imagine a pizza, with a question: How does each slice of pizza you consume impact your utility for…

A: Utility refers to the total amount of satisfaction which the consumers receive from the consumption…

Q: Q.24 Following schedule shows total utility. If the price per unit is 3, then how many units of the…

A: Meaning of Utility Function: The term utility function refers to the total utility for a consumer…

Q: Q.24 Following schedule shows total utility. If the price per unit is 3, then how many units of the…

A: # We know well that a rational consumer would always maximize his satisfaction where his marginal…

Q: Refer to the table below. If the subscription price for a sports app is $2 per week, the…

A: Given,The subscription price for a sports app Ps is $2 per week.The subscription price for a game…

Q: Suppose Jane has $100$⁢100 and is going to have a birthday party. She wants to order pizza and…

A: An individual make purchase of different goods and services according to his income level and the…

Q: If a good is free, when will a consumer stop wanting to buy the good? Once the total utility equals…

A: ''Since multiple questions are asked, we are supposed to answer one question''   Marginal Utility is…

Q: What does failing total utility for imply marginal utility? Give an arthimetical example to…

A: Marginal utility is the extra utility received from consuming one additional unit of the good per…

Q: Şeyma has the following utility function: U(x,y) = x'/²y+/2 and faces the budget constraint: M = P,x…

A: Maximizing,  U(x,y)=x1/2y1/2 subject to,  M=Pxx+Pyy   Now, y=1PyM-Pxx   Using the above equation in…

Q: The table below shows the utility schedule for a consumer of candy bars Candy Bars Consumed Total…

A: The utility is the want satisfying power of a good.  Total utility is the aggregate amount of…

Q: Another instance when people are likely not to spend a dime (or a minute) on an item is when they…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Check if the following utility functions represent the same preferences: u = x+y, v = x3 + y3, w =…

A:

Q: what is A curve showing combinations of two goods that provide a consumer with a constant amount of…

A: Economics and Economists offers theoretical and practical solutions for various economic and policy…

Q: Supreme Court Justice Bret Kavanaugh likes beer. The first beer he drinks yields 20 utils; the…

A: Answer: option a (all of these) Explanation: Quantity of beer Marginal utility Total utility 1…

Q: Suppose the following table reflects the total satisfaction (utility) derived from eating pizza:…

A: Law of DMU states that when a person consumes a commodity, the satisfaction he/she derives from the…

Q: Describe Marginal Utility and Diminishing Marginal Utility? Include a detailed example using a…

A: Marginal utility is defined as the satisfaction level received when consumer consume some level of…

Q: What is the axiom of consumer choice that implies that consumers spend all their income in order to…

A: The axiom of consumer choice that implies that consumers spend all their income in order to maximize…

Q: Diminishing Marginal Utility. Explain the law of diminishing marginal utility Discuss an instance…

A: The idea of marginal utility is used to measure how individuals' satisfaction levels affected their…

Q: Teddy has preferences for stuffed animals (x) and audiobooks (9) illustrated by the utility function…

A: Given, Utility function, U(x,y) = x23y13 a) The given utility function is Cobb Douglas utility…

Q: Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $5.00 and…

A: Budget = $20  Price of burger = $5 Price of pizza slice = $2