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Units Consumed | Total Utility | |
0 | 0 | — |
10 | 93 | 9.3 |
20 | 10.7 | |
30 | 298 | |
40 | 392 | |
50 | 8.8 | |
60 | 547 |
Complete the following table.
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- 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…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?Is it possible for total utility to increase whilemarginal utility diminishes? Explain.
- Think about a favorite thing you often buy or enjoy. It could be your favorite food, a favorite place to visit, a type of event, or something you make us part of a hobby. As part of this review you will create a chart ( just like the examples of total in marginal utility) showcasing the favorite item. Include the following information: How many you purchase or consume in the course of a day, week, or a month. Marginal utility of additional consumptions The total utility of all consumptions. Let’s assume that the largest utility you get from any one item is 20. Make it as interesting as you can by considering something that is important to you. Fill in the chart. A consumer has a choice of spending $20,000 on a Honda or $14,000 on a Kia. She was observed buying a Kia during the weekend. Does this mean the consumer prefers the Kia to the Honda?Total utility
- Number of Units 1 23 4 5 6 Total Utility 40 80 140 182 222 230 Refer to the table. What is the marginal utility of the third unit?Elapsed 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?Distinguish between cardinal and ordinal utility
- Quantity of Product Utility Utility A 1 234 5 6 7 Total Marginal Utility 16 30 42 52 60 66 70 16 1410 108 12 Marginal Quantity of 6 4 per Dollar ? ? ? ? ? ? ? Product Utility Utility B 123 + 4 5 6 Marginal Total Marginal Utility 7 30 46 61 75 88 100 111 30 16 15 14 13 12 11 per Dollar ? ? ? ? ? ? ? Your buddy Joseph wants your advice. He presents you with his utility schedule above and want to know how many units of Product B he should purchase to maximize his utility. He tells you the price of Product A is $4 and the price of Product B is $5. Joseph informs you he only wants to spend a total $27 on both products. How many units of Product B do you tell Joseph to purchase?Refer to the information provided in Table 6.1 below to answer the questions that follow. Number of Hamburgers per Day 1 2 3 4 Number of Sodas per Day 1 2 3 4 Total Utility 30 52 67 76 Total Utility 20 35 47 57 Marginal Utility Marginal Utility Question #33: Refer to Table 6.1. The marginal utility of the second soda per day is A) 10. B) 15. C) 35. D) 55. Question # 34: Refer to Table 6.1. The marginal utility of the third hamburger per day is A) 5. B) 15. C) 22.33. D) 119. Question # 35: Refer to Table 6.1. Diminishing marginal utility sets in after the A) first B) second C) third D) fourth Question # 36: Refer to Table 6.1. The total utility of five hamburgers per day is A) 80. B) 81. C) 96. D) indeterminate from this information. Question #37: Refer to Table 6.1. The total utility of five sodas per day is A) 35. B) 64. C) 92. D) indeterminate from this information. soda perday.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?