EBK PRINCIPLES OF MICROECONOMICS (SECON
2nd Edition
ISBN: 9780393616149
Author: Mateer
Publisher: W.W.NORTON+CO. (CC)
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Question
Chapter 16, Problem 4SP
To determine
Calculation of consumer’s optimum.
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According to the table, what is the consumer equilibrium for a $6 budget if the price of red peppers is $1 and the price of apricots is also $1?
Louis is trying to decide what combination of cups and plates to buy. His budget is $12. Plates cost $4 each and cups cost $2 each. The numbers in the table represent total utility. Given his budget, which combination will maximize total utility? number of plates and cups.
Suppose you have a budget of 30 to spend on two goods: pizzas and burgers. Each pizza is $5 while each burger is $10. Suppose you already purchased 6 pizzas. What is the maximum number of burgers that you can buy with the remaining funds in your budget?
Chapter 16 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
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- Use the following information to answer questions 1 through 8: A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. What is the largest number of burritos that the student could afford to purchase in one month? What is the largest number of sodas the student could afford to purchase in one month?arrow_forwardUsing a budget line, why does a decrease in the price of a good allow one to potentially consume more of both goods?arrow_forwardPrice for X is $1 and Y is $2. Budget is $9. Good X Good Y Quantity Marginal Utility Quantity Marginal Utility 1 8 1 10 2 7 2 8 3 6 3 6 4 5 4 4 5 4 5 3 6 3 6 2 7 2 7 1 When the consumer purchases the utility-maximizing combination of goods X and Y, total utility will be what?arrow_forward
- True or false. A budget constraint, budget line or budget set is a graphical way to illustrate all possible combinations of two goods that a person can afford.arrow_forwardHector has a budget for bottled water and soda pop. If the price of soda pop decreases, Hector will achieve the same level of satisfaction because his budget has not changed. true falsearrow_forwardWould this person be maximizing utility?: Bobby eats 2 sandwiches and drinks 3 sodas. The last sandwich gives Bobby 25 units of utility and the last soda gives him 5 units of utility. Sandwiches are $5 each and sodas are $1 each. What should Bobby do to maximize utility if it is not already maximized?arrow_forward
- The principle of diminishing marginal utility says that people don't enjoy consuming more of a good. True or False and Explain the choicearrow_forwardIf the price of a slice of cake is $4, the price of a slice of pie is $2, and Latasha spends her entire budget of $10, she will choose to buy of pie and of cake.arrow_forward
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