This is a schedule of the total benefits and total costs for product "X 2 Quantity Total Benefit 9 1 3. 4 17 22 26 28 29 26 Total Cost 3. 9. 12 15 18 21 Question 4 Use the marginal principle to predict how much X will be consumed 03 04 0 6 O 2 If those benefits and costs are yours, how much would you be willing to pay for a pass that would let you consume all the X you wanted? O $21 O I would not be willing to pay any price. O $29 O $26 O $9 Question 6 If they charge you $12 for an "all you can consume" pass, how many will you consume? O None, as it is not worth paying that price given the benefits. O 5 03 04 6

This is a schedule of the total benefits and total costs for product "X 2 Quantity Total Benefit 9 1 3. 4 17 22 26 28 29 26 Total Cost 3. 9. 12 15 18 21 Question 4 Use the marginal principle to predict how much X will be consumed 03 04 0 6 O 2 If those benefits and costs are yours, how much would you be willing to pay for a pass that would let you consume all the X you wanted? O $21 O I would not be willing to pay any price. O $29 O $26 O $9 Question 6 If they charge you $12 for an "all you can consume" pass, how many will you consume? O None, as it is not worth paying that price given the benefits. O 5 03 04 6

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 1.1P

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Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utilityâ€”maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.
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I want you to please to solve this. It's super easy, and the deadline is in 1 hr. A student has a monthly budget of $120 to spend on eitherburritos, which cost $6 each, or sodas, which cost $4 each.1. What is the largest number of burritos that the studentcould afford to purchase in one month?2. What is the largest number of sodas the student couldafford to purchase in one month?3. Draw the student's budget constraint. Put burritos on thex-axis and sodas on the y-axis.Graded Assignment due Monday4. Which combinations of burritos and sodas are unaffordable--those tothe left of the line in the graph or those above the line in the graph? Why?5. Which combinations would leave some budget unspent - those to theleft of the line in the above graph or those to the right of the line in theabove graph?6. What is the equation for the student's budget constraint? In yourequation, use Q1 as the variable to represent the quantity of burritos andQ2 to represent the quantity of sodas.7. What is…