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- Don Trump, a consumer in Washington, D.C. purchases a combination of products Y and Z and that the MU/Py=25/5 and MUZ/P₂=40/8. To maximize utility, without spending more money, Mr. Trump shouldGood X 10 IC 8 ICZ 10 12 Good Y The utility a person gets from consuming an additional unit of Good Y at point A is greater on IC1 vs. IC2. The utility a person gets from consuming an additional unit of Good Y at point A is greater on IC2 vs. IC1.True/False Utility refers to the total satisfaction or happiness that an individual get from consuming a product.
- Q- Marginal utility can never be negative. True/FalseDistinguish between cardinal and ordinal utilityJeremy 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,figureoutthepointsonJeremy’sconsumptionchoicebudgetconstraint(itmaybehelpfultodoasketch) and identify his utility-maximizing point. 3. Explain all the reasons why a decrease in a product's price would lead to an increase in purchases. 4. Asacollegestudentyouworkatapart-timejob,butyourparentsalsosendyouamonthly“allowance.” Suppose onemonthyourparentsforgottosendthecheck.Showgraphicallyhowyourbudgetconstraintisaffected.Assuming you only buy normal goods, what would happen to your purchases of goods?
- A negative marginal utility implies that the consumer has reached a point of satiation.Answer all 3 parts plz. Cole splits his time between running and acting. He makes $10/hr for acting. Cole loves running so he thinks its the same as having fun. Part a) Cole acts 4 hours each day. This is his utility maximizing choice. Draw this on a graph (with hours of fun, which is running per day on the x axis, and income per day on the y-axis). Make sure to label all of the curves. Part b) Cole gets a bigger role for acting and his wage goes to $20/hr for acting. He acts 2 hours every day now. Show this change on the graph and illustrate the income and substituion effect on the graph. Which one is dominating? Explain. Part c) Cole earns a grant that gives him an additional $15 per day on top of his wage of $20/hr. Show this change on your graph. Will Cole most likely act more hours or less hours per day? Explain.Total utility is the addition of all the marginal utilities that an individual derives from successive units. True or False?