In May and June, Tammy spent all her clothing budget on bathing suits and beach bags. Each bathing suit costs $75. At Tammy's optimal choice, her marginal utility from the last bathing suit purchased is 300 and her marginal utility from the last beach bag purchased is 200. This means that each handbag must cost: a. $50 b. $25 c. $100 d. $150

Q: Table 1 shows Cassandra's utility from the consumption of Popcorn (P.) and Candy bars (Ce) during a…

A: 1)  Quantity TU from popcorn MU form Popcorn MUPCPPC TU form candy bars MU from candy bars…

Q: Assume Pat spends all of her allowance to purchase 4 apples and 4 candy bars. Pat's marginal utility…

A: Pat spends all of her allowance to purchase 4 apples and 4 candy bars. Pat's marginal utility of the…

Q: Troy has preferences for laptops (L), and drones (D). Laptops costs $750 a unit and drones costs…

A: Given, Laptop Cost $750 Drone cost- $2000 Total cost- $15000

Q: TABLE 6-2 Quantity (steaks) Total Utility Marginal Utility 1 2. 20 y 3. 18 54 16 Refer to Table 6-2.…

A: Total Utility refers to the total satisfaction derived by an individual from the consumption of a…

Q: uestion 3 - ONLY NEED DIAGRAM / ANSWER FOR PART II (C)   i. Douglas allocates his budget of $24…

A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the…

Q: Would you expect marginal utility torise or fall with additional consumption of a good? Why?

A: The utility is something that a consumer gains after consuming a good or a product. It is measured…

Q: 4. Jerry lives in a dormitory that offers soft drinks and chips for sale in vending machines. Her…

A: In economics, the Marginal Rate of Substitution is the rate at which a consumer can give up some…

Q: Q2. You drink only Coffee or Orange juice Price of Coffee Marginal Utility of Coffee (for (dollars…

A: Part a) MU per dollar for coffee = MU of coffee / price of coffee = 60/3= 20.

Q: Abby's marginal utility per dollar spent on bananas is 15 and her marginal utility per dőllar spent…

A: Since Abby's Marginal utility per dollar spent on bananas is $15 and her Marginal utility per dollar…

Q: Felina prefers to spend her living allowance of $1500 on Mobile data and food. She prefers to pay…

A: The utility is the want satisfying power of the commodity. The budget line would be the total amount…

Q: 2. Lauren likes the combination of Larry's Pizza and Dr. Pepper (soda) for dinner. When the price of…

A: Utility refers to the amount of satisfaction received from the consumption of good service. The…

Q: 7. MRS and utility maximization Poornima lives in Miami and loves to eat desserts. She spends her…

A: The consumer will maximize utility at a point where marginal rate of substitution is equal to the…

Q: 24. Binita has a limited income and consumes only juice and pasta; her current consumptio hoice is…

A: The utility is maximized where the Budget line of consumer tangents the slope of indifference curve…

Q: 5.1) Jane has RM500 a week to spend on clothing and food. The price of clothing is RM25 and the…

A: 5.1) The budget line equation can be written as follows:

Q: The following table shows Ellie's utility from consuming slices of pie and cans of Dr. Pepper. 5-…

A: The demand curve is the willingness and the ability of a consumer to buy a commodity at a different…

Q: If the price of Pizzas is $10 per pizza, and Rachel is currently examining purchasing 7 pizzas, she…

A: Quantity of 8th Pizza TU MU 1 18 - 2 34 16 3 48 14 4 60 12 5 70 10 6 78 8 7 84 6 8…

Q: Michelle keeps fit by either doing yoga or Thai boxing . she has a budget of $72 per month. One yoga…

A: Given that the Michelle keeps fit by either doing yoga or Thai boxing.  She has a budget of $72 per…

Q: Yufei spends his entire weekly income on economics books (E) and coffee (C). The price of an…

A: Utility Maximization Rule explains that the utility of the consumer is maximized when he spends his…

Q: Pants Belts Marginal utility 220 180 140 100 60 Quantity 1 Quantity 1 Marginal utility 85 65 3 3 45…

A: Utility refers to the amount of satisfaction that an individual receives from the consumption of a…

Q: Denise has $20 and plans to spend it on beers and burgers. Beers and burgers both cost $4. What is…

A: She would purchase that good which yields her maximum marginal utility per dollar.

Q: TABLE 6-3 Chocolate Bars Hot Chocolate Quantity Total Utility Quantity Total Utility 1 15 1 25 30 35…

A: Total utility depicts the total satisfaction derived from the intake of various goods and services.

Q: Linda loves buying shoes and going out to dance. Her utility function for pairs of shoes, S, and the…

A: a. The budget line is the graphical representation of the different combinations of the two goods…

Q: Using examples, does an increase in income affect a consumer’s budget line? Does it impact their…

A: Suppose, X is an individual consuming Grapes and pineapples. X’s income is 150. X gets utility by…

Q: TABLE 6-1 Quantity (burgers) Total Utility Marginal Utility 0. 1 20 20 44 24 3 22 4. 84 y Refer to…

A: The additional satisfaction that a consumer receives from having one more unit of a good or service…

Q: 3. If MU,1/Px1 > MU,2/PX2 is the consumer maximizing his utility? Explain how to maximize it if your…

A: The change in total utility because of change in one more unit of consumption is termed as marginal…

Q: 4. Indifference Curve and Budget Line Annie has an income of $160 an hour. Popcorn costs $5 a bag,…

A: Budget line refers to the line that shows all possible combination of goods and service can be…

Q: 2345 6 370 450 120 50 520 a. Complete the table solving for the missing total utility or marginal…

A: Marginal utility is the delight a buyer gets from each extra unit of utilization. It computes the…

Q: 5.1) Jane has RM500 a week to spend on clothing and food. The price of clothing is RM25 and the…

A: Marginal utility(MU) refers to the additional satisfaction that a consumer gets from consuming extra…

Q: Answer the question based on the table below showing the marginal utility schedules for product X…

A: A person can maximize his utility at the point where the marginal utility per dollar derived from…

Q: 1. If the consumer can only buy product x, how much will the consumer buy and what will be the total…

A: PX= $4 Py= $2 M= $20

Q: The table shows the total utility and marginal utility for ice cream consumption. In the table, the…

A: In economics, utility refers to the usefulness or enjoyment that a consumer can derive from a…

Q: b) Diana has $6.00 to spend. She has the option to buy two goods: sandwiches and peppermints.…

A: The table is complete with the marginal utility/$ for each level of consumption as follow

Q: The table below shows the marginal utility from consuming mini pizzas and sodas. If pizzas and soda…

A: Given : The price of a mini pizza is $1 The price of a soda is $.50 Money income = $4

Q: What is the value of the x-intercept?  What is the value of the y-intercept?  What is the slope of…

A: Budget constraint is defined as the combinations of all the goods and services that a consumer…

Q: Consumer spends $360 per week on two goods, X and Y. PX=$ 3 and PY=$2. His utility function is U=…

A: The equilibrium in consumer behavior arrives when a buyer extracts the highest amount of utility…

Q: 2. If peanut butter brings you 30 utils of pleasure for the last dollar's worth, and the last dollar…

A: In order to maximize utility, a consumer make economic decisions that guarantee the highest level of…

Q: A consumer who has spent all of her income on clothes and food and finds that her marginal-utility…

A: Answer: A purchasing more clothes and less food

Q: 15. Answer the following questions based on the table. a) Complete the given table. b) Draw the…

A: A consumer always consumes that much amount of goods that gives the maximum amount of total utility…

Q: The following table reflects the utility one receives from consuming a given product.      Units…

A: Total Utility refers to the total satifaction derived by a consumer from the consumption of a good…

Q: tility (TU) and Marginal Utility (MU) Total Utility (TU) Consumption Quantity (C) Marginal Utility…

A: Answer: (a). The formula of marginal utility: MUi, j=TUj-TUiCj-Ci Consumption Quantity (C) Total…

Q: Exhibit 5-2 Michael's Utility Schedule Assume the price of cola is $8 per unit and the price of…

A: The utilitarian philosophers Jeremy Bentham and John Stewart Mill were the first to propose utility…

Q: (Table) Referring to the table, which shows the total utility and marginal utility for ice cream…

A: Utility refers to the value of a commodity experienced by a consumer. It is the total satisfaction…

Q: Linda loves buying shoes and going out to dance.  Her utility function for pairs of shoes, S, and…

A: Utility Function: U(S,T) = 2ST Income = $500 Price of Shoes =$50 Dancing Costs =$50   Question 1:…

Q: marginal utility of a hamburger is 8. s Ray maximizing utility at his current consumption basket? If…

A: Marginal utility is the added satisfaction that a consumer gets from having one more unit of a good…