Total Utility Marginal Utility Slices of Pizza 0. 20 50 1. 20 3. 10 In the above table, the total utility of three slices of pizza is 70. 20. 80. 50
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- As Dr. Gonzalez drinks five beers, his total utility rises from 5 to 45 when he drinks one beer. His utility when he drinks two beers is 116, 143 when he drinks three beers, 235 when he drinks four beers, and 272 when he drinks five beers. What is his marginal utility of the fourth beer?if the total utility of consuming the first three pieces of pizza were 50,80, and 95 respectively , the marginal utility of the third silce of pizza is?Question 2 David spends his budget on chocolate and chip. His utility function is given by ?(?1,?2)= 2?1?2, where ?1 is the number of chocolates he consumers per week, and ?2 is the number of chips he buys per week. A chocolate costs 10 SEK, and a chip costs 20 SEK. David’s weekly budge for consuming on these two goods is 120 SEK. (1) What is David’s budge line? Draw the budget line on a graph with chocolate amounts on the horizontal axis and chip amounts on the vertical axis. Write explicitly at which points budget line crosses the axis. (2) What is David’s marginal utilities for the two goods, respectively? What is his marginal rate of substitution between the two goods? (3) What is David’s optimal choice? Calculate the numerical answer for the optimal bundle. Also draw an indifference curve for David on the same graph as question(1) and show the optimal bundle.
- Table 6.4 Chocolate Bars Total Utility 1 10 2 25 3 4 60 5 70 Refer to Table 6.4, which shows a utility schedule for a consumer’s consumption of chocolate bars. The total utility derived from the consumption of one chocolate bar is _____ units. Group of answer choices 70 10 2 45 15The prices she's considering are shown in the table below. Calculate the utility for each of the prices in the table. What is the average of the calculated utilities?Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $4.00 and $2.00 respectively. What is the marginal utility per dollar spent for the fourth burger?
- The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity TUx MUx MUx/Px TUy MUy MUy/Py 0 0 0 0 0 0 0 1 50 50 16.67 75 75 25.00 2 88 38 12.67 117 42 14.00 3 121 33 11.00 153 36 12.00 4 150 29 9.67 181 28 9.33 5 175 25 8.33 206 25 8.33 6 196 21 7.00 225 19 6.33 7 214 18 6.00 243 18 6.00 8 229 15 5.00 260 17 5.67 9 241 12 4.00 276 16 5.33 d.How much total utility will James experience by buying the utility-maximizing combination? e.Suppose the price of good Y increases to $6. How many units of X and Y will he buy to maximize his utility now?Rick eats only french fries and burgers at his office cafeteria. His weekly lunch budget is $48. Each burger costs $6 and each order of fries costs $3. When deciding how much of each good to buy, Rick knows that 2 burgers and 4 orders of french fries will give him a utility of 8. At his utility-maximizing point, Rick's utility is:of 55 The vending machine in Katherine's office building offers cans of pop and candies. Katherine's utility function is U = 3PC, where P is the amount of pop consumed per week and C is the amount of candy consumed per week. Pop costs $1 and candy costs $0.5 per bag. If Katherine has $10 to spend, she will consume
- True/False Marginal utility keeps falling with the each additional consumption of a good or service.If at a quantity consumed of 1 unit, total utility equals 25 and marginal utility equals 25, and at a quantity consumed of 2 units, total utility is unknown and marginal utility is 20, and at a quantity consumed of 3 units, total utility is 57 and marginal utility is unknown, what is marginal utility of the third unit?2nd attempt Greg has the following utility function: u = x0.64x0.36. He has an income of $86.00, and he faces these prices: (P1, P2) = (9.00, 2.00). Suppose that the price of x₁ increases by $1.00. Calculate the equivalent variation for this price change. $