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Determine how much of each good Mara will consume if she has $20 and if the
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- Marie has a weekly budget of $24, which she likes to spend on magazines and pies. If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week?Hector has 2000$ a month to spend on clothing and food. the price of clothing is $50 and the price of food is 20. Hector spends his entire income when he purchases how many units of clothing and how many units of food?Explain utility and its connection to consumer behavior
- Suppose you have a budget of $12 and cost of a cola is $2 and sandwich is $4. Using this information form the table, how many sandwiches and cola would you buy at the optimum?How does a consumer’s optimal choice of goods change if all prices and the consumer’s income double?Suppose John decides to buy 4 units of food and 4 units of clothing with his $12 budget. Would his marginal utility per dollar spent on food be greater than or less than his marginal utility per dollar spent on clothing? What does this tell you about how he should substitute food for clothing if he wanted to increase his utility without spending any more money?
- Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?Marie has a weekly budget of $24, which she likes to spend on magazines and pies. 1) If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week? 2) If the price of a pie is $12, what is the maximum number of pies she could buy in a week?Suppose you have a budget of 30 to spend on two goods: pizzas and burgers. Each pizza is $5 while each burger is $10. Suppose you already purchased 6 pizzas. What is the maximum number of burgers that you can buy with the remaining funds in your budget?
- Using the consumer choice theory, explain how an individual decides how to adjust her preferred combination of different products to buy when the price of just one product changes ?Aria consumes only two goods, food and clothing. The marginal utility of the last dollar she spends on food is 12, and the marginal utility of the last dollar she spends on clothing is 9. The price of food is $1.20/unit, and the price of clothing is $0.90/unit. Is Aria maximizing her utility?What is meant by Utility ?
