Price of candy New price of Price of ice cream cones = 5.00 2.50 candy = $ 1.25 Quantity of Ice Cream Total Utility Marginal Utility Marginal Utility per Quantity of Candy Marginal Utility Marginal Utility per Marginal Utility per Total Utility Cones Dollar Dollar Dollar 1 25 25 1 15 15 12 2 45 20 4 2 25 10 4 3 60 15 3 3 33 8 3.2 6.4 4 69 1.8 4 38 4 72 40 0.8 1.6

Price of candy New price of Price of ice cream cones = 5.00 2.50 candy = $ 1.25 Quantity of Ice Cream Total Utility Marginal Utility Marginal Utility per Quantity of Candy Marginal Utility Marginal Utility per Marginal Utility per Total Utility Cones Dollar Dollar Dollar 1 25 25 1 15 15 12 2 45 20 4 2 25 10 4 3 60 15 3 3 33 8 3.2 6.4 4 69 1.8 4 38 4 72 40 0.8 1.6

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 3SQP

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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 roundâ€”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.
DmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...
Praxilla, who lived in ancient Greece, derivesutility from reading poems and from eating cucumbers.Praxilla gets 30 units of marginal utility from her firstpoem, 27 units of marginal utility from her secondpoem, 24 units of marginal utility from her third poem,and so on, with marginal utility declining by three unitsfor each additional poem. Praxilla gets six units ofmarginal utility for each of her first three cucumbersconsumed, five units of marginal utility for each of hernext three cucumbers consumed, four units of marginalutility for each of the following three cucumbersconsumed, and so on, with marginal utility declining byone for every three cucumbers consumed. A poem coststhree bronze coins but a cucumber costs only one bronzecoin. Praxilla has 18 bronze coins. Sketch Praxilla’sbudget set between poems and cucumbers, placingpoems on the vertical axis and cucumbers on thehorizontal axis. Start off with the choice of zero poemsand 18 cucumbers, and calculate the changes in…
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through 6. Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Answer here 1 Total utility of swimming 40 22666 72 76 76 Jenny spends an average of $3 each hour she plays video games. What is her marginal utility per dollar for the second half hour?
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Drinking five glasses of water consecutively declinesyour utility, why?