candy can Camille's Grandma Mary buy her? Multiple Cholce five lollipops and three candy bars two lollipops and two candy bars two lollipops and three candy bars four lollipop and one candy bars
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- Jeremy 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, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.Five 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?11:55 The table below shows the per unit prices and marginal utility for the last unit of waffles and donuts that Luke purchased. Waffles Price per unit Marginal utility Luke spent all of his allocated budget on waffles and donuts. To maximize his utility, Luke should purchase O fewer of both goods O fewer waffles and more donuts O equal amounts of both goods O more both goods O more waffles and fewer donuts $25 Donuts 50 $10 50
- Bill gets 100 utils from eating one candy bar per day. He gets 120 utils from eating two candy bars per day. Calculate the marginal utility. O. 220 utils 100 utils 120 utils 20 utils Tamera calculates her utility for two hours of studying each day to be 300 utils. Her total utility for three hours is also 300 utils. Calculate the marginal utility. 300 utils 600 utils O 150 utils no marginal utilityQuanity Utility from Video Games Utility from Novels Marginal Utilty Video Games Marginal Utilty Novels Marginal Utilty per Dollar Video Games Marginal Utilty per Dollar Novels 0 0 0 1 30 30 2 40 38 3 48 44 4 54 46 5 58 47 The table shows the utility that Mark gets from the consumption of video games and novels. Mark has $100 per month to spend on video games and novels. Video game cost $20 each and novels cost$20 Calculate Mark’s utility from Video game Novels Calculate the MU per dollar of Mark’s consumption choices State the optimal number of video games and the optimal number of novels that Mark will conume in a month. State how each of the following will affect the quantity of VG and N consumed by Abina An increase in the money she has to spend by $20, ceteris paribus An increase in the price of ONE of the goods, ceteris paribus1. An individual's budget Suppose Darnell has a weekly budget of $32 to spend on ranch dressing and spinach. Ranch dressing is priced at $4 per bottle, and spinach is priced at $2 per container. If Darnell spends his entire $32 on ranch dressing, he can buy 16 containers of spinach. 8 bottles of ranch dressing. If he spends his entire $32 on spinach, he can buy Use the blue line (circle symbol) to plot Darnell's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of ranch dressing and spinach that are affordable for Darnell. Finally, place the black point (plus symbol) on the point on Darnell's budget constraint that corresponds to a scenario in which Darnell spends $16 on each good. Note: Dashed drop lines will automatically extend to both axes.
- Bags of potato chips Total utility Candy bars Quantity Total utility Quantity 1 10 1 8 2 16 2 14 3 18 3 18 4 19 4 21 20 23 Liz consumes two goods, candy bars and potato chips. Her budget is $4 per day. The price of a candy bar is $1.00 and the price of a bag of chips is 50 cents. Her utility is in the table above. For Liz to maximize her utility, what combination of candy bars and potato chips should she eat? O A. 2 candy bars and 4 bags of potato chips O B. 4 candy bars and 0 bags of potato chips OC. 1 candy bar and 5 bags of potato chips O D. 3 candy bars and 2 bags of potato chips O E. None of the above answers are correct.. 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 first 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 cucumbers consumed. A poem costs three bronze coins but a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxilla’s 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…26. Danny has $12 to spend on two goods: pies and soda. The price of a pie is $4, and the price of a can of soda is $2. To maximize his utility, Danny buys A) the combination that gives him equal total utility from pies and soda B) 2 pies and 2 cans of soda C) oniy sodas because they are iess expensive D) the combination that gives him the same marginai utility per doillar spent on pies as on soda
- Units of rice 1 2 3 4 5 6 7 8 O 50 utils O 53 utils O 28 utils Marginal Utility of rice O 25 utils 20 18 16 14 12 10 9 8 Units of raisins 1 2 3 4 5 6 7 If the consumer buys 2 units of rice and 2 units of raisins, the consumer's total utility will be O 4 utils 8 Marginal Utility of raisins 8 7 6 5 4 3 2 1John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Supposethat John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke?QUESTION 7 Carl's Marginal Utility for consuming beer and pizza with $8.00 in income Quantity Marginal of Hotdogs Utility 45 Quantity of Marginal Utility 40 Beer 1 40 40 30 35 4. 15 4. 10 -5 In the above table, how many hotdogs and beers will Carl consume if the price of one hotdog is $2.00 and the price of a beer is $2.00? O 1 hotdog and 3 beers O 2 hotdogs and 3 beers O 2 hotdogs and 2 beers O 3 hotdogs and 1 beer
