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The
Which of these consumers are optimizing over their choices? Explain
For those who are not, how should they adjust their spending? Explain
“Pasta is Miguel’s favorite meal therefore the law of diminishing marginal utility does not apply”. Do you agree with this statement?
It is known that the indifference curve is convex. What does this tell you about the relationship between the goods?
The income effect and the substitution effect work in the same direction for a normal good. Explain how this differs for an inferior good.
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- What do you mean by the inverse relationship between the quantity demanded for acommodity and its price. How would you explain, that a fall in the price of Matchboxdoes not make a consumer buy more of it? Please answer it in 30 min if possibleYour 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?1s it pessible fes matginal utility tolal to be negative and uwility to be possitive) why orwhy nah 8. no
- 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…What is the trend of the total utilityHow can one's choice of purchases/consumption be infuenced by utility or marginal utility?
- Digital Apps per Period 0 1 2 3 4 5 Total Utility of Digital Apps per Period (utils) which 0 50.0 95.0 135.0 171.5 200.0 Marginal Utility (utils) 50.0 45.0 40.0 36.5 28.5 Marginal Utility Portable per Dollars Spent Power Banks (price = $5.97) per Period | 8.4 7.5 6.7 6.1 4.8 0 1 GTA W N 3 4 5 Total Utility of Portable Power Banks per Period (utils) 0 25 47 65 80 89 Marginal Utility (utils) 25 22 18 15 9 Marginal Utility per Dollars Spent (price = $2.70) 9.3 8.1 6.7 5.6 3.3 Consider the table above. Suppose the consumer's income is $26. Does the consumer spend all of her income if she purchases the optimal quantities of digital apps and portable power banks? The optimum quantity of digital apps purchased is and the optimum quantity of portable power banks purchased is. (Enter your responses as whole numbers.) Spending on digital apps is $ and spending on portable power banks is $. (Enter your responses rounded to one decimal place.) Thus, total spending at the consumer optimum is $ the…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?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 > ...
- How does household made choices based on budget or their utility satisfaction? JustfiyElapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 40 62 72 76 76 Total utility of swimming ▸ Jenny pays $5 per hour to use the local swimming pool. What is her marginal utility per dollar for the first half hour of swimming?Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Total utility of swimming 40 62 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?