Refer to the information provided in table below.MU/P forNumber of Cinema TicketsTotal Utility Marginal UtilityPrice of a Cinema TicketCinema Tickets14024033040045440470MU/P forNumber of Concert TicketsTotal Utility Marginal UtilityPrice of a Concert TicketConcert Tickets240440600720800850If the price of a cinema ticket is 20 TL, the price of a concert ticket is 40 TL and the income is120 TL, draw the budget line.а.b. Find marginal utility for each consumption level for both products and show your work inTable.Find the utility maximizing level of consumption bundle if the income of the consumer is 120TL. Show the utility maximizing level of consumption for each product on the table. Explainyour answer by stating the utility maximizing rule.C.

a. The marginal (MU) utility of a good shows the additional satisfaction gained by an individual…

Refer to the information provided in table below. MU/P for Number of Cinema Tickets Total Utility Marginal Utility Price of a Cinema Ticket Cinema Tickets 140 240 3 330 400 5 440 470 Total Utility Marginal Utility MU/P for Concert Tickets Number of Concert Tickets Price of a Concert Ticket 240 2 440 co0

Refer to the information provided in table below. MU/P for Number of Cinema Tickets Total Utility Marginal Utility Price of a Cinema Ticket Cinema Tickets 140 240 3 330 400 5 440 470 Total Utility Marginal Utility MU/P for Concert Tickets Number of Concert Tickets Price of a Concert Ticket 240 2 440 co0

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter21: Demand: Consumer Choic

Section: Chapter Questions

Problem 1E

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b. The table below shows the total utility associated with the consumption of units of ice cream. Fill in the table by finding the marginal utility for each row: a=35 b- 17.5 <= 10.5 d-8.75 e= -7 Show hint Quantity Total Utility Merginal Utility 1 Does this problem demonierate diminishing marginal utility? A. No B. Yes 2 3 4 5 6 160 195 2125 223 231.75 238.75 4 b C d
The table below shows total utility for two products. Suppose that the price for product A is $5 and the price for product B is $5. Number of product A Total Utility for A Number of product B Total Utility for B 0 0 0 0 1 140 1 180 2 260 2 340 3 360 3 460 4 440 4 520 5 500 5 540 Given this data, complete the table below: Quantity of A Marginal Utility for A Marginal Utility for A per dollar Quantity of B Marginal Utility for B Marginal Utility for B per dollar 0 0 1 1 2 2 3 3 4 4 5 5
The following gives the marginal utility of John’s consumption of three goods A, B and C.Unit of consumption MUaMUbMUc1202545218203031615244141018512815610612 Goods A, Band C costs ksh2, ksh1 and ksh3 respectively. How many units of each good should a consumer take to maximize utility with an income of ksh12
Calculate marginal utility and marginal utility per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 3 The Price of Cheese is 0.14 The Consumer's budget for wine and Cheese is 9.69 (WINE) (WINE) (CHEESE) (CHEESE) (CHEESE) GLASSES (WINE) WEDGES OF WINE MARGINAL OF CHEESE TOTAL UTILITY MARGINAL UTILITY MARGINAL TOTAL UTILITY MARGINAL UTILITY UTILITY/dollar UTILITY/dollar 1 70 10 Number Number Number Number 35 160 6 Number 65 Number 225 3 41 Number Number Number Number 4 45 4. 288 Number 61 Number 48 349 The Quantity of Wine this consumer would buy to maximize utility is : Number Number The Quantity of Cheese this consumer would buy to maximize utility is : What is the consumer's Total Utility when optimized : Number
Demonstrate how a consumer’s equilibrium changes if the price of a product changesaccording to marginal utility theory. Include in your answer a discussion of the derivation of the demand curve according to marginal utility theory. Please provide a detailed answer with a graph if possible.
Calculate marginal utility and marginal utilty per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 3 The Price of Cheese is 0.14 The Consumer's budget for wine and Cheese is 9.69 (CHEESE) (CHEESE) (CHEESE) WEDGES OF CHEESE GLASSES (WINE) (WINE) (WINE) MARGINAL UTILITY MARGINAL MARGINAL UTILITY MARGINAL UTIUTY/dollar OF WINE TOTAL UTILITY TOTAL UTILITY UTIUTY/dollar 70 Number Number Number Number 160 35 Number 65 Number 225 3. 41 Number Number Number Number 45 288 Number 61 Number 48 349 The Quantity of Wine this consumer would buy to maximize utlity is: Number Number The Quantity of Cheese this consumer would buy to maximize utilit is : What is the consumer's Total Utility when optimized: Number 10
1. * Refer to the information provided in table below. MU/P for Number of Cinema Tickets Total Utility Marginal Utility Price of a Cinema Ticket Cinema Tickets 140 240 3 330 400 440 6. 470 MU/P for Number of Concert Tickets Total Utility Marginal Utility Price of a Concert Ticket Concert Tickets 240 440 3 600 720 800 6. 850 If the price of a cinema ticket is 20 TL, the price of a concert ticket is 40 TL and the a. income is 120 TL, draw the budget line. b. Find marginal utility for each consumption level for both products and show your work in Table. Find the utility maximizing level of consumption bundle if the income of the C. consumer is 120 TL. Show the utility maximizing level of consumption for each product on the table. Explain your answer by stating the utility maximizing rule.
qty per week Marginal Utility of songs Marginal Utility of Cookies 1 15 25 13 20 3 12 16 4 11 13 10 11 6. 9 10 7 8. 7 8. 6. 7 10 Above is the utility of Sara for song and cookie consumption. If the price of a song is $2 and the price of a cookie is $1, how many cookies and songs will sara consumer? Why?
Lee has calculated her marginal utility from buying pizza slices and soda (shown on the table in the worksheet) and wants to use these data to decide how to rationally spend the money she has. The price of pizza is $2.00 and the price of soda is $2.00 question 9 (a) given these prices and your worksheet calculations, what is the first product lee will buy? (b) would lee ever buy four slides of pizza? Why/why not? question 10Given the data in your worksheet, how many pizza slices and sodas lee should buy to maximize her total utility if she rationally spends her budget of 10.00? question 11 when the price of pizza changes, lee's MU/$P changes. If the price of pizza decreases to $1.50 and her budget decreases to $7.50, how many pzza slices and sodas lee should buy to maximize her total utility?
Calculate marginal utility and marginal utility per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 4 The Price of Cheese is 0.58 The Consumer's budget for wine and Cheese is 14.91 GLASSES (WINE) (WINE) WEDGES (CHEESE) TOTAL UTILITY OF WINE TOTAL UTILITY (WINE) MARGINAL UTILITY/dollar MARGINAL UTILITY OF CHEESE 1 60 15 Number Number 144 2 45 55 Number 199 56 Number Number 4 252 65 51 Number 5 303 73 The Quantity of Wine this consumer would buy to maximize utility is: Number The Quantity of Cheese this consumer would buy to maximize utility is: Number What is the consumer's Total Utility when optimized: Number 2 3 3 A 5 (CHEESE) MARGINAL UTILITY Number 11 Number 8 (CHEESE) MARGINAL UTILITY/dollar Number Number Number Number
Units of the Good 0 1 5678AWN2 3 4 Total Utility Total Utility of X of Y 0 0 620 1740 1120 3030 1500 3960 1820 4710 2080 5280 2300 5730 2460 6060 2580 6300 For the next 3 questions, assume that an individual consumes two goods X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $20 and $30. If the consumer buys the fourth unit of X the Marginal Utility per Dollar Spent on X is 16 I If the consumer has $210 to spend on X and Y, the utility-maximizing bundle is The minimum budget necessary to move to a higher equilibrium consumption of X and Y is $ unit(s) of X and unit(s) of Y.
Learning Journal prompt: For Unit 4 Learning Journal, you will use the marginal utility formula to choose between two products. Catherine is having dinner at the Yellow Restaurant. She wants desert after eating her entree. She is trying to decide between a cookie or a slice of pie. The cost of a cookie is $5 and the cost of a slice of pie is $8. Refer to the Unit 4 Learning Journal Marginal Utility spreadsheet Compute the marginal utility for cookie and slice of pie Compute the marginal utility per dollar What is the utility maximizing choice for a cookie and slice of pie? Explain what the utility maximizing choice means. Discuss how you could use marginal utility to make consumer choices