Refer to the accompanying figure to answer the questions that follow. Marginal Utility 30 25 20 15 10 5. 1. 2. 3 4 5 6 7 8 9 Number of Cupcakes Total utility is maximized at the: O A) first cupcake. O B) seventh cupcake.
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- Mylie’s total utility from singing the same song over and over is 50 utils after one repetition, 90 utils after two repetitions, 120 utils after three repetitions, 80 utils after four repetitions, 20 utils after five repetitions, and -60 utils after six repetitions, as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Repetitions Total Utility Marginal Utility 0 0 — 1 50 2 90 3 120 4 80 5 20 6 -602. A consumer has a utility fuinction given by a) Derive an expression for the two marginal utilities: MU (x1, 22) and MU2 (21, r2). Since AMRS = -YU use these marginal utilities to derive a simple expression for the MRS (r1, 22). b) Optimal choice on the part of the consumer implies MI RS = -. Suppose M 20, p1 = p2 = 1. Show the optimal choice in this case on a well-labelled graph of the budget set. Include an indifference curve consistent with these preferences. c) Now keep income at 20, and pi = 1, but set p2 - 2. Show the optimal choice in this case on a well-labelled graplh of the budget set. Inclnde an indifference curve consistent with these preferences.After Marc consumed his second cup of coffee, which gave his 15 units of satisfaction, his total utility is 40. From this we can deduce that Marc’s marginal utility is a) zero b) positibe c) negative d) increasing
- If Utility=.5lnX+3Z+10+4VW then Marginal utility from X is...... and the Mu of Z is...... Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с 10; 3 3,4 5/X; 3 d 2/VW; 3Refer to the accompanying figure to answer the questions that follow. Marginal Utility 30 25 20 15 10 5 0 1 2 3 4 5 6 7 8 Total utility is maximized at the: OA) first cupcake. B) seventh cupcake. C) sixth cupcake. D) eighth cupcake. Number of Cupcakes1. Consider a utility maximizer with complete, transitive, and monotonic preferences. Sup- pose you have data on the pairs of choices made by the consumer at different times. The bundles comprising these pairs of choices are y = (x1, x2) and z = (21, 22). For each of the scenarios given below, make use of the axiomatic properties of the preferences to say whether y is >, <, 3, E, or incomparable t z. (a) y =(2,4) and z = (1, 4) (b) y =(0,4) and w 3 z, where w =(3, 6) (c) y =(2,4) and z = (6, 3)
- Please no written by hand and no emage Consider a consumer that consumes 2 teaspoons of sugar with each cup of coffee. For each cup of coffee with sugar the consumer gains 10 utils.a) Write down the utility function that gives the total utility if the consumer consumes S teaspoons of sugar and C cups of coffee. The consumer has assigned £7 per week to be spent on drinking coffee with sugar. The current price of coffee is £0.50 per cup and each spoon of sugar costs £0.10. b) Calculate the optimal weekly consumption bundle for this consumer.c) Does the consumer view C and S as complements or substitutes?Mylie's total utility from singing the same song over and over is 70 utils after one repetition, 110 utils after two repetitions, 140 utils after three repetitions, 160 utils after four repetitions, 120 utils after five repetitions, and 60 utils after six repetitions, as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Repetitions 0 1 2 3 4 5 6 Total Utility Marginal Utility 0 70 110 140 160 120 60 b. Once Mylie's total utility begins to decrease, does each additional singing of the song hurt more than the previous song or less than the previous song? O More than the previous song O Less than the previous songLinda loves buying shoes and going out to dance. 20 Her utility function for pairs of shoes, S, and the number of times she goes dancing per month, T, is: 18- 16- U(S, T) = 2ST 14- It costs Linda $75 to buy a new pair of shoes or to spend an evening out dancing. Assume that she has $750 to spend on shoes and dancing. E 12- 1.) Use the line drawing tool to draw Linda's budget line. Properly label this line. 10- 2.) Use the point drawing tool to locate Linda's optimal consumption bundle. Label this point 'R'. 8- 6- Carefully follow the instructions above, and only draw the required objects. 4- What is Linda's marginal rate of substitution? -. (Enter your response as an 2- integer. Note that the minus sign is already included.) 0- 12 10 Shoes (S) 14 16 18 20 React tv MacBook Air 80 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 @ 23 2$ & 1 3 4 7 8 Q W E T Y { A S F H. J K C V M. く tion command command option ピ ーの Dancing (T) コ B. レ
- 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…3- Assuming that the equation F(U, x, X2 = f(x1, x2,, ... Xn): ******* **** ,xn) = 0 implicitly defines a utilityfunction U 073 a) Find the expressions for 60, 6U and 6x4 " 3 6x2 6xn 6x2 6xn b) Interpret their respective economic meanings. c) Now. assume the utility function is U(x, y) = y√x. Does the consumer believe that more is better for each good? Do the consumer's preferences exhibit a diminishing marginal utility of x? Is the marginal utility of y diminishing?todd is a cattle rancher in june and july he spent his clothing budget on jeans and cowboy hats. each pair of jeans cost $56 and each hat cost $41. At Todd's optimal choice, his marginal utility from the last pair of jeans purchased is 592. This means that his marginal utility from the last cowboy hat purchased is: Round the final answer to the whole number