Use the graph below to answer the following question: OC OD OB Tacos Which point would give this individual the most utility, while still being affordable? OA 1 С Chicken Fingers
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Use the graph below to answer the following question: Which point would give this individual the most utility, while still being affordable? tacos vs chicken fingers
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- Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.The following table shows Madison's utility from consuming popcom and Coke Suppose that Madison han income of $21.00, the price of popcom is 6.00 and the price of Coke in $4 50 FMadson wants to maiire her y how much popcom and Coke should she buy? ITT Popcorn Marginal Unity 192 144 Coke Marginal Uity 144 100 72 36 18 Quantity 48 24 12 Madison should buy boxes of popcom and cans of Coke Enter your reponses as negers)9/15/22, 9:52 AM Print Assessment The marginal utility per dollar spent on the last banana consumed is 75. If the price of an apple is $.50, how many apples would Kevin have to consume before he considers purchasing another banana? 7100 2000 199 A C E Number of Apples 2 3 4 5 6 7 6 3 4 QUESTION 3 Total Utility A320 130 180 220 qurum ont 250 270 280 B D 2 5 ob The villu lanipismodi 02.2ai elggs ne to song Cr 081 129T1inU 0136101 023 OTS aslgqA to 19dmul
- Your gym offers two classes at the same time:weightlifting and yoga. Both classes are includedin your membership and have space available.Your friend tells you he wants to work on hisstrength and take the weightlifting class, but youalways see him in yoga class. Which class giveshim more utility? How do you know this?ceriuppose that Isaiah has a weekly fixed budget and spends it all on haircuts and ice cream. At his current combination arof consumption, the marginal utility of the last dollar spent on haircuts is greater than the marginal utility of the last dollar spent on ice cream. Has Isaiah maximized his utility? A C E Yes, because changing his current consumption combination will reduce his total utility B No, because he can increase his total utility by purchasing more haircuts and D fewer ice creams Yes, because he has purchased 2 goods in proportion so that he can get- the maximum utility from each Yes, because he purchased the maximum possible with a limited budget No, because he can increase his total utility by purchasing fewer haircuts and more ice creamsThe following is Ray Windmill White’s total utility schedule for pairs of boxing gloves. Calculate the marginal utility schedule. If boxing gloves sell for 60 dollars a pair, how many will Windmill purchase? What decision rule did you use? Pairs of Boxing Gloves/year Total Utility 0 0 1 $180 2 300 3 390 4 460 5 515 6 565 7 580 8 595
- If something has negative marginal utility, what happens to your total utilitywhen you consume it?Layout References Review View Help Editing v s New Ro... v 12 A er s A B IU A v A ... b. C. d: e. 3. The table below demonstrates the total utility Terrence derives from eating different quantities of plates of thanksgiving dinner. Calculate the marginal utility for each plate then graph the total utility and marginal utility (with total utility graph above the marginal utility graph lining up the Qty). Quantity of Plates Total Utility from Plates Marginal Utility from Plates 1 250 2. 380 425 375 300 English US) Te Piedictions, On Bred 71°F Clear re to searchFive consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?
- The following table presents information on Angel's marginal utility and price paid for the consumption of Pomegranates and Oranges, which are the only two goods that he consumes. Angel OYes ONO ONot enough information What should Angel do? Pomegranates Price $4 Based on the utility maximizing rule, Is Angel maximizing their utility? OPurchase more Pomegranates and less Oranges OPurchase less Pomegranates and more Oranges OMake no changes Marginal Utility MacBook Air 7 Oranges Price $12 Marginal Utility 31- Cons X ∞ Chapter 6 - Cons X sments/632bc3fe081cee0063847766 00 Course Catalog - X ∞o Exam 1 - Chapter X = 6.2 How Changes X Chapter 6 - Consumer Choice OPEN OFirst Class Economy What is the Marginal Utility per Dollar for an economy ticket? Will Ari be better off booking a first class or an economy ticket? 00 Course Catalog - x + Ari needs to book a flight between Minneapolis and Los Angeles and has a choice between flying in first class or economy. A first class ticket costs $1140 and an economy ticket costs $200. The first class ticket generates $1430 of utility and the economy ticket generates $380 value of utility. Note: A purchase generating utility tells us the marginal utility of the good. What is the Marginal Utility per Dollar for a first class ticket? I 12 ☆ 9- laJacob is a Lego maniac, but he also likes Super Soaker squirt guns. The following table shows Jacob's total utility and marginal utility from Legos and squirt guns measured in utils: Quantity of Legos 0 1 2 3 4 5 TU 0 20 37 50 60 65 MU MU/P 20 17 13 10 5 Quantity of Squirt TU Guns 0 1 2 3 4 5 0 50 75 90 100 102 MU 50 25 15 10 2 MU/P a. Suppose the price of Legos is $5 per set and the price of a squirt gun is $8 per gun. Compute the marginal-utility-to-price ratios for Legos and squirt guns and enter these values in the table. b. How many sets of Legos and how many squirt guns will Jacob purchase if he has $26 to spend? Carefully explain how you arrived at your answer. c. Now suppose the price of Legos falls to $2.50 per set while the price of squirt guns stays the same. How many sets of Legos and how many squirt guns will he purchase? Show how you arrived at your answer. d. Draw Jacob's demand curve for Legos between the prices $5 per set and $2.50 per set. Why does it have a negative…