Total utility 28 25 Jumlah utiliti 15 0 1 2 3 4 Number of movies rented per month What is the marginal utility for a fourth movie rental? O 25 28 25 0 3 15 0 Apakah utiliti marginal untuk sewa filem yang keempat? 1 2 3 4 Kuantiti filem disewa sebulan
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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 utility—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.Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.Mylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?
- Table 6.2 Units Consumed Total Utility 1 30 65 85 4 89 88 Refer to Table 6.2, which shows the total utility derived from the consumption of a good. The first column of the table shows the number of units of the good consumed in a day, and the second column of the table shows the total utility derived from that consumption. What is the marginal utility of consuming the third unit? Oa 65 O b. 20 OC. 35 Od. 0 O e. 304. Study Questions and Problems #4 S MOME RIGUERES 225 40 VORRAG Curve. A Suppose your marginal utility for meals at the campus cafeteria this week has fallen to zero. Which of the following is an accurate statement about the total utility curve derived from consuming these meals? O The total utility curve is upward sloping, and more meals at the cafeteria this week will continue to result in an upward-sloping total utility O The total utility curve is flat, and more meals at the cafeteria this week will result in an upward-sloping total utility curve. O The total utility curve is downward sloping, and more meals at the cafeteria this week will result in an upward-sloping total utility curve. O The total utility curve is flat, and more meals at the cafeteria this week will result in a downward-sloping total utility curve.9: Is il fossible for marginal utility To be negetive and yet Tolal Utilily To positive ? INhy be why not ? or
- DmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...Five consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?4. Study Questions and Problems #4 S MOME RIGUERES 225 40 VORRAGA Curve. A Suppose your marginal utility for meals at the campus cafeteria this week has fallen to zero. Which of the following is an accurate statement about the total utility curve derived from consuming these meals? O The total utility curve is upward sloping, and more meals at the cafeteria this week will continue to result in an upward-sloping total utility O The total utility curve is flat, and more meals at the cafeteria this week will result in an upward-sloping total utility curve. O The total utility curve is downward sloping, and more meals at the cafeteria this week will result in an upward-sloping total utility curve. O The total utility curve is flat, and more meals at the cafeteria this week will result in a downward-sloping total utility curve.
- Carl's marginal utility for consuming beer and hotdogs with $8.00 in income is given in the table at right. In the table, Carl experiences diminishing marginal utility after consuming how many hotdogs? O A. 1 O B. 4 OC. 2 O D. 3 Quantity of Hotdogs 12345 Marginal Quantity of Utility 45 40 1055 30 15 -5 Beer 1 234N. 5 Marginal Utility 40 品 40 35 1000 2 O 4 6 08 D Scones 10 1 2 3 4 5 Total Utility 10 18 24 Refer to Table 6.3, which shows the total utility and marginal utility derived from the consumption of scones. The first column of the table represents the number of scones a consumer consumes in a day. The second column of the table presents the total utility derived from that consumption, and the third column shows the marginal utility of each additional scone. The total utility derived from the consumption of one scone is units. 28 30 Marginal Utility 6 2Table A – Faris Daily Consumption Dozens of Oysters Total Utility Marginal Utility per Day 1 60 104 3 134 4 152 5 160 Number of Total Utility Marginal Utility Root Beers per Day 1 40 70 3 94 4 114 5 128 Refer to Table A shows Faris's consumption on the oysters and root beers per day for a total five days; i. Compute Faris's marginal utility of for consumption of dozens of oyster and number of root beers per day ii. At what units per day Faris's Diminishing Marginal Utility sets in for consumption of dozens of oyster and number root beers per day. iii. Please briefly explain why Faris will experience the Diminishing Marginal Utility as he consumes more unit of oysters and root beers.
