Jean Paul Sartre of Victoria, British Columbia has the total utility for products X and Y shown in the table below. On the assumption that the prices of X and Y are $1.5 and $2. respectively, and that Jean Paul Sartre's income is $9. Units of X Total Utility Units of Total Utility 16 2 15 28 19 3 36 21 22 4 4 40 5 42 How many units of the two products will Jean Paul Sartre buy to get maximum utility? Multiple Cholce 3 of X and 2 of Y 6 of X and O of Y 2 of X and 3 of Y 1 of X and 4 of Y

Q: Jack and Jill live in the same village where they both face the same price. Jack has preferences…

A:

Q: Amy is a chocolate lover and has a total of 50 dollars to spend this week. The price of a certain…

A: Given Utility function U(q)=q+50-pqq∈0,50PTotal budget=50Price of q=50

Q: Suppose a consumer has an income of $120, the price of good X is $24 per unit and the price of good…

A: The marginal utilities will look like: Consumer's utility maximizing bundle is where: MUxPx=MUyPy…

Q: In 2005, suppose a typical U.S. owner of a home theater (a television and a DVD player) bought 16…

A: the Cobb–Douglas production function is a particular type of production functional form which is…

Q: Heather and Jeremiah both enjoy sunflower butter (s) and jelly (j) sandwiches, but they have varying…

A: As per the question sunflower butter and jelly are the two complementing goods for both Heather and…

Q: The local mall has a make-your-own sundae shop. They charge customers 35 cents for each fresh fruit…

A: Utility: It refers to the level of satisfaction that the consumers gets from various goods and…

Q: Suppose that a fast-food junkie derives utility from three goods-soft drinks (x), hamburgers (y),…

A: U(x,y,z)=x0.5y0.5(1+z)0.5 where Px = 1 Py = 4 Pz = 8 Income = 8

Q: 7 which following statement is true or flase with explaination 1. for a cobb douglas utility…

A: Cobb-Douglas function is a utility function of prices and income of the consumers. Monotonic…

Q: A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their…

A: Utility maximization formula: MUxPx=MUyPy=MUzPz, where, MUx is the marginal utility of good X, Px is…

Q: For the utility u(x1, 82) = x} +x} 3 verify the Slutsky equation

A: Utility function : U(x1 , x2 ) = x11/3 + x21/3 Let the prices be p1 & p2  Income be (m)  Budget…

Q: Quantity of bottled water Marginal utility from bottled Quantity of hamburgers Marginal utility from…

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

Q: Glen and Ben both drink coffee and coke every day. Glen likes coffee a lot more than Ben and Ben…

A: A utility function states the amount of satisfaction gained by the consumer as a function of a…

Q: Linguini and Colette consume only éclair (x1) and profiterole (x2). Linguini has utility function U^…

A: (g) In general equilibrium, at the equilibrium allocation; MRSA=MRSB=Price…

Q: Unit of product (1) Marginal utility, A (2) Marginal utility, B (3) Marginal utility, C First…

A: In microeconomics, the function of U {"utility"} is described as a crucial term or concept in which…

Q: A child is given $8.80 of pocket money to be spent on either hard candies or chocolates. Chocolates…

A: Here, given information is: Price of chocolates: 40 cent Price of candles: 80 cent Total spending:…

Q: a consumer of two goods, either 1 or 2, has a utility function u (X1, X2) = X1 0.6. X2 0.4, where X1…

A: A consumer maximizes utility by consuming a bundle where slope of indifference curve is equal to…

Q: Donna and Jim are two consumers purchasing strawberries and chocolates. Jim’s utility function is U…

A: The optimal consumption bundle is obtained at the level where the slope of the budget line becomes…

Q: Jessica has an income of $216 and she is buying apple cider and books. Apple cider is $8 per unit…

A: Bundle Q(A) MU/$(A) Q(B) MU/$(B) A 0   9   B 3 6.13 8 5.13 C 6 5.38 7 5.21 D 9 4.63 6 5.29…

Q: Mrs. Griffiths earns $5000 a week and spend her entire income on dresses and handbags. Since these…

A: The following problem in relation to consumer choice theory has been answered as follows:

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

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

Q: ... + un(xn) with u0 i > 0 and u00 i < 0. State and prove whether the following statement is true or…

A: A utility function is a key concept in economics that measures preferences over a set of goods and…

Q: Quantity of Quantity of Total Utility Total Utility Soup (cups) Sandwiches 1 40 45 60 2 75 3 72 3…

A: The utility is maximum when the marginal utility per dollar is equal from both goods, marginal…

Q: Answer the next questions on the basis of the following marginal utility (MU) data for products X…

A: Recall the two conditions for consumer equilibrium: MUXMUY= pXpY Total expenditure = Income So, to…

Q: 1. An individual is confronted with three commodities x, y and z. Suppose the consumer’s money…

A: For maximizing the satisfaction power the condition should be : MUxPx=MUyPy=MUzPz

Q: Steak & Cheese Steak & Cheese Grilled Chicken Grilled Chicken Quantity MU MU/P MU MU/P 1 40 10 30 15…

A: A firm will maximize profit at a point where marginal utility per dollar for two goods are equal and…

Q: Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and $2.00…

A: Answer - "Thank you for submitting the questions.But, we are authorized to solve one question at a…

Q: Mylie’s total utility from singing the same song over and over is 50 utils after one repetition, 90…

A: The utility is a want satisfying power of a commodity. Marginal utility is the additional utility…

Q: state the law of diminishing marginal utility Q Total Utility Marginal utility Average utility 0 0…

A: The economics as a study is used to determine the ways, especially the most optimal way which can be…

Q: Sally goes to the grocery store each week looking to purchase items that will give her as much…

A:

Q: Faa's utility function for coffee (good X) and muffins (good Y) is given as U(x,y) = x0.5y0.5. If…

A: Answer: Given, Utility function: Ux,y=x0.5y0.5 IncomeM=$192Px=8Py=16 At equilibrium the following…

Q: A consumer has Cobb-Douglas preferences for beer and pizza. She spends 50% of her budget on New…

A:

Q: Two individuals, Amir and Budi, consume two goods, clothes (X) and shoes (Y). The utility functions…

A: Given the two good and two consumer economy: Utility function:  For Amir (A): UA= 15XA0.25YA0.75 For…

Q: (a)Complete the table by computing the marginal utility per dollar for successive units of X, Y, and…

A:

Q: Joan has a monthly income of €100 that she allocates to two goods: meat and potatoes. Suppose meat…

A: U (M, P) = 2M + P Budget constraint of the consumer will be: I=2M+P PM=€4 PP= €2  I=100 P'P= €4

Q: Rick thinks either Morty or Summer broke his TV. Morty and Summer each have to decide simultaneously…

A: This is a simultaneous move game with two players. Here they both have to choose their strategies at…

Q: Assume that the price of oranges is $2 and the price of starfruit is $1.  You have $10 of income to…

A: utility is the satisfaction derived from the consumption of goods and service . Total utility TU is…

Q: Rick thinks either Morty or Summer broke his TV. Morty and Summer each have to decide simultaneously…

A: Name of suspects is Morty, Summer, and Jerry.  The blamed person get the utility = -2 The blameless…

Q: Let us consider the case of Sabbir who has the option of consuming two products, peaches and…

A: When a consumer is taking 2 goods, equilibrium is found by: MUXPX=MUYPYWhere MUX is the marginal…

Q: Mike is a jellyfish wrangler.  In June and July he spent his budget on fish tanks and wet suits.…

A: Marginal Utility: - marginal utility is the utility derived by the consumption of an additional…

Q: Today, you've decided to treat yourself to some dessert, so you go to the store to buy a doughnut or…

A: This will be solved through this equation: Law of Equi marginal utility MUm = MUx/Px = MUy/Py

Q: Consider a consumer with the utility function U (x1, x2 ) = 10x12/3x21/3 −50. Suppose the prices of…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The following data pertain to products A and B, both of which are purchased by Madame X. Initially,…

A: Slutsky equation helps in ascertaining the effects of change in the prices of goods under question.…

Q: Q48 As a consumer moves along an indifference curve, ... a. The combination of goods will vary,…

A: An Indifference curve is a combination of two goods that gives same level of utility. One of the…

Q: The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison…

A: Answer: To maximize the Utility, Madison should purchase that combination of goods where, (1). The…

Q: In 2005, suppose a typical U.S. owner of a home theater (a television and a DVD player) bought 8…

A: Here we have:- Cobb-Douglas utility function=Uq1,q2=q10.2q20.8 Here Barbara spent spent $600 so, the…

Q: Complete the following table by indicating which bundles Rajiv strictly prefers to A given only the…

A: An indifference curve is a mapping of the combination of two goods that will give the consumer, the…

Q: Suppose Mary has the utility function U(1, 22) = v(æ1) + 2x2 with v such that v > O and v" < 0.…

A: In case of quasilinear function , the demand function is independent of income. There is no income…

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.