When the marginal value of eating the fifth unit of a good is 6 and the overall utility of all five units is 162, the total utility of ingesting four units must be Multiple-choice questions 168. 27. 156. 972
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When the marginal value of eating the fifth unit of a good is 6 and the overall utility of all five units is 162, the total utility of ingesting four units must be
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- If the marginal utility from consuming the fifth unit of a product is 6 and the total utility from all five units is 162, then the total utility from consuming four units must be Multiple Choice 168. 27. 156. 972.If the total utilities for the fifth and sixth units of a good consumed are 98 and 115 respectively. The marginal utility for the sixth unit is:The marginal utility of the last unit of apples consumed is 12, and the marginal utility of the last unit of bananas consumed is 9. What set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium? Multiple Choice $3 and $4 $4 and $3 $9 and $12 $15 and $10
- True/False Utility refers to the total satisfaction or happiness that an individual get from consuming a product.If the marginal utility from consuming the sixth unit of a product is 8 and the total utility from all six units is 98, then the total utility from consuming five units must beA consumer currently spends a given budget on two goods, X and Y, in such quantities that the marginal utility of X is 15 and the marginal utility of Y is 8. The unit price of X is $3 and the unit price of Y is $2. The utility-maximizing rule suggests that this consumer should Multiple Choice a. decrease consumption of product X and increase consumption of product Y. b. increase consumption of product X and increase consumption of product Y. c. decrease consumption of product Y and increase consumption of product X. d. stick with the current consumption mix because it yields maximum utility.
- If at a quantity consumed of 1 unit, total utility equals 25 and marginal utility equals 25, and at a quantity consumed of 2 units, total utility is unknown and marginal utility is 20, and at a quantity consumed of 3 units, total utility is 57 and marginal utility is unknown, what is marginal utility of the third unit?Refer to Figure 21-22. When the price of X is $80, the price of Y is $20, and the consumer’s income is $160, the consumer’s optimal choice is D. Then the price of X decreases to $20. The income effect can be illustrated as the movement from Group of answer choices D to E. D to C. C to E. E to D.If the marginal utility of the burger is greater than the price of the burger, we expect a rational consumer_______. Group of answer choices to spend more money on pizza. to purchase more burgers. to spend more money on beverages. to purchase less burgers.
- Martha spends 5 hours of free time exercising and playing music per day. The table below represents the level of utility she receives from the various combinations of exercise and music activities. For instance, if she only plays music, her total utility from exercise will be 0, and the utility from music will be 50. If she exercises for 1 hour, she will receive a level of utility of 25. Utility is measured in ‘utils’; those numbers are arbitrary and designed to quantify the benefits received from various actions. Utility for Exercise Utility from Music 0 utils from 0 hours of exercise 50 utils from 5 hours of music 25 utils for 1 hours of exercise 45 utils from 4 hours of music 40 35 45 20 50 0 Marginal analysis will help Martha in her decision making regarding how to spend her free time because ... All answers are correct. She will realize which activity is more important to her. She will be able to find the combination of music and exercise which gives…Total utility is 0 when marginal utility is 0 True/FalseThe price of good "a" is $5 and the price of good "b" is $15. If the marginal utility of good "a" is 20 then the marginal utility of good "b" must be ________ to have an optimum combination of goods purchased. 80 20 60 4
