Which one of the following statements regarding wants, needs and demand is incorrect? O A. Michelle's wants are never satisfied, if she buys something, there is always something else she also wants.. O B. Mpho has a demand for Rolex watches, even though she cannot afford them, she likes them very much. O C. Molly has a demand for soft drinks, she likes the taste and can afford to buy it O D. Mike is lost in the jungle, he has a need for water and food, otherwise he might die.
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- As a college student you work at a part-time job, but your parents also send you a monthly allowance. Suppose one month your parents forgot to send the check. Show graphically how your budget constraint is affected. Assuming you only buy normal goods, what would happen to your purchases of goods?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.If we have money, we buy goods and services to satisfy our needs. In economics, thesatisfaction that we get from the consumption of goods and services is called utility. Usea utility graph to explain what happen to the utility when you keep on increasing thenumber of units consumed. Also explain what happens to the utility when you keep onincreasing the number of units consumed. Also explain what happens to the additionalutility (i.e. additional satisfaction) when you increase your consumption by one unit
- Quanity Utility from Video Games Utility from Novels Marginal Utilty Video Games Marginal Utilty Novels Marginal Utilty per Dollar Video Games Marginal Utilty per Dollar Novels 0 0 0 1 30 30 2 40 38 3 48 44 4 54 46 5 58 47 The table shows the utility that Mark gets from the consumption of video games and novels. Mark has $100 per month to spend on video games and novels. Video game cost $20 each and novels cost$20 Calculate Mark’s utility from Video game Novels Calculate the MU per dollar of Mark’s consumption choices State the optimal number of video games and the optimal number of novels that Mark will conume in a month. State how each of the following will affect the quantity of VG and N consumed by Abina An increase in the money she has to spend by $20, ceteris paribus An increase in the price of ONE of the goods, ceteris paribus39. The following chart shows thec total utility-that Ammar receives from çonşuming various amounts-of chocolate.candy bars each day: Number candy, bars consumed për đay Total'utility 1' 40- 2 70 90 100 4. 80 Which of the following statements about Ammar's marginal utility is correct? Hiş marginal utility from the first candy bar is greater-than his marginalutility from the second candy' bar. Matilda is downloading music and videos from an online site. She is currently buying three music downloads that cost $3 each and two video downloads that also cost $3 each. The table below indicates what she reports as the marginal utility of the last music download and of the last video download in this combination of purchases. Quantity Price per Download MU per download Music downloads 3 $3 60 Video downloads 2 $3 45 As an assignment for her Microeconomics course, Matilda used the marginal utilities that she gave to her 3rd music download and her 2nd video download to complete the Experiment Tally Sheet below. Her available budget was $19.00. Downloads of mu (score) from 1 to 100 Price of each $3.00 Money spent on Downloads of mu (score) from 1 to 100 Price of each $3.00 Money spent on Total Money Total Budget music mu mu/$ music videos mu mu/$ videos Spent Remaining 1st ? ?…
- given the following informationon quantity consumed of cheese and total utility for Carl answer the following can you please help to check my answer. thanks qty (in oz) tu mu 1 50 0 2 70 20 3 85 15 4 95 10 5 90 5 a) what is the marginal for each addtion ounce of cheese - see above b) at a price of $16 an ounce, how many ounces of caviar should carl purchase to optimize his satisfaction? my answer 2 c) what is his conusmer surplus at this optimal level of consumption? (can you help me solve this I see too many diffrence equation for this very confuse)Every day Noora spends her lunch money consuming apples, at RO1 each, and Oranges, at RO2 cach. At her current level of consumption, Noora's marginal utility of apples is 12 and her marginal utility of oranges is 18. If she has already spent all of her lunch honeyỹ, how should Noora change her consumption decision tó maximize utility? She should makeʼno changes: she is consuming the utility maximizing Combination ofapplès and oranges. 6) She should increase her apple consumption and decrease her consumption until the marginal utility per dollar is equal for bóth. c. She should decrease hef apple consumption and increase her orange consumpțion until the marginal utility per dollar is equal for both. d. She should increase her apple consumption and increase her orange consumption until the marginal utility is equal for both: orangeQ43 Laurie spends all of her money buying bread and cheese. The marginal utility she receives from the last loaf of bread is 60 and from the last block of cheese is 30. The price of bread is $3 and the price of cheese is $2. Laurie... a. Should buy more cheese and less bread to maximise her utility. b. Should buy more bread and more cheese in order to maximise her utility. c. Spends too much money on bread and cheese. d. Should buy more bread and less cheese in order to maximise her utility. e. Is buying currently the utility-maximising amount of bread and cheese.
- Hiro's latte and paperback book budget is $20 a week. The price of a latte is $2 and the price of a paperback book is $5. Choose the statement that is correct. O A. When Hiro spends all his budget on paperback books, he must buy fewer than 4 paperback books a week. O B. When Hiro buys 10 lattes a week he cannot afford to buy a paperback book. O C. Hiro cannot afford to buy 5 lattes and 2 paperback books a week. O D. When Hiro buys 10 lattes, he can afford to buy 2 paperback books. Draw Hiro's budget line and label it. >>> Plot the quantity of paperback books on the x-axis. 11- 10- 9- 8- 7- 6- 5- 4- 3+ 2- 1- 0- Quantity (lattes per week) 0 2 3 4 5 6 7 8 9 10 11 Quantity (paperback books per week) >>> Draw only the objects specified in the question. 1K Petra buys 6 smoothies and 2 album downloads a week when she has $36 to spend, the price of an album download is $9, and the price of a smoothie is $3. What is the relative price of an album download? If the price of an album download falls to $4.50, how do Petra's consumption possibilities change? The relative price of an album download is consumption possibilities A. 3 smoothies; expand B. 0.33 smoothies; shrink C. $9; expand D. 3 album downloads; expand E. 0.33 album downloads; shrink If the price of an album download falls to $4.50, Petra's. Hand written solutions are strictly prohibited.Bill gets 100 utils from eating one candy bar per day. He gets 120 utils from eating two candy bars per day. Calculate the marginal utility. O. 220 utils 100 utils 120 utils 20 utils Tamera calculates her utility for two hours of studying each day to be 300 utils. Her total utility for three hours is also 300 utils. Calculate the marginal utility. 300 utils 600 utils O 150 utils no marginal utility