Assume the following is the Budget Equation for a consumer: 366 Coke + 74 Cheetos = 3556 What is the opportunity cost of one more Coke? (enter this number as positive)
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- Lee has calculated her marginal utility from buying pizza slices and soda (shown on the table in the worksheet) and wants to use these data to decide how to rationally spend the money she has. The price of pizza is $2.00 and the price of soda is $2.00 question 9 (a) given these prices and your worksheet calculations, what is the first product lee will buy? (b) would lee ever buy four slides of pizza? Why/why not? question 10Given the data in your worksheet, how many pizza slices and sodas lee should buy to maximize her total utility if she rationally spends her budget of 10.00? question 11 when the price of pizza changes, lee's MU/$P changes. If the price of pizza decreases to $1.50 and her budget decreases to $7.50, how many pzza slices and sodas lee should buy to maximize her total utility?Use this information to answer the following 4 questions: Marie has a weekly budget of $24,which she likes to spend on magazines and pies.24. If the price of a magazine is $4 each, what is the maximum number of magazines she couldbuy in a week?25. If the price of a pie is $12, what is the maximum number of pies she could buy in a week?26. Draw Marie’s budget constraint with pies on the horizontal axis and magazines on thevertical axis. What is the slope of the budget constraint?27. What is Marie’s opportunity cost of purchasing a pie? I need help with number 26 and 27.Five consumers have the following marginal utility of apples and pears: The price of an apple is $1, and the price of a pear is $2.Which, if any,of these consumers are optimizing over their choice of fruit? For those who are not,how should they change their spending?
- On the diagram to the right is plotted a single bundle of 2 books and 3 DVDS consumed per month. This bundle is a point on the consumer's budget constraint. 10- 9- If the price of one book is $135.00 and one DVD is $90.00, then the consumer's level of monthly income is $ (round your answer to the neareast dollar). 8- 7- 2- 0- 9 10 Books (per month) 15 tv MacBook Air esc 80 DIL F1 F2 F4 F5 F6 F7 FB ! @ $ & * 1 2 3 4 7 8. 9 Q W E T Y tab ps lock A S F H J X C V M control option command DVDS (per month) N * *Suppose that with a budget of $210, Fatima spends $126 on sushi and $84 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. Then, after the price of bagels falls to $1 per bagel. Instructions: Enter your answers as a whole number. How many pieces of sushi and how many bagels did Fatima consume before the price change? pieces of sushi and bagels At the new prices, how much money would it have cost Fatima to buy those same quantities (that is, the quantities that she consumed before the price change)? Given that it used to take Fatima's entire $210 to buy those quantities, how big is the income effect caused by the lower price of bagels?Anatoly's marginal utility for DVDS (D) is MU X and his marginal utility for Xbox games (X) is MUx D. Anatoly's income is $120, the price of a DVD is $20.00, and the price of an Xbox game is $10.00. How many DVDS and Xbox games does Anatoly consume to maximize his satisfaction? Anatoly consumesDVDs andXbox games. (Enter your responses using integers.)
- Calculate marginal utility and marginal utilty per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 3 The Price of Cheese is 0.14 The Consumer's budget for wine and Cheese is 9.69 (CHEESE) (CHEESE) (CHEESE) WEDGES OF CHEESE GLASSES (WINE) (WINE) (WINE) MARGINAL UTILITY MARGINAL MARGINAL UTILITY MARGINAL UTIUTY/dollar OF WINE TOTAL UTILITY TOTAL UTILITY UTIUTY/dollar 70 Number Number Number Number 160 35 Number 65 Number 225 3. 41 Number Number Number Number 45 288 Number 61 Number 48 349 The Quantity of Wine this consumer would buy to maximize utlity is: Number Number The Quantity of Cheese this consumer would buy to maximize utilit is : What is the consumer's Total Utility when optimized: Number 10Calculate marginal utility and marginal utility per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 3 The Price of Cheese is 0.14 The Consumer's budget for wine and Cheese is 9.69 (WINE) (WINE) (CHEESE) (CHEESE) (CHEESE) GLASSES (WINE) WEDGES OF WINE MARGINAL OF CHEESE TOTAL UTILITY MARGINAL UTILITY MARGINAL TOTAL UTILITY MARGINAL UTILITY UTILITY/dollar UTILITY/dollar 1 70 10 Number Number Number Number 35 160 6 Number 65 Number 225 3 41 Number Number Number Number 4 45 4. 288 Number 61 Number 48 349 The Quantity of Wine this consumer would buy to maximize utility is : Number Number The Quantity of Cheese this consumer would buy to maximize utility is : What is the consumer's Total Utility when optimized : NumberFive consumers have the following marginal utility of apples and pears The price of an apple is $1, and the price of a pear is $2.Which, if any, of these consumers are optimizing over their choice of fruit? For those who are not, how should they change their spending?
- 1. Doug consumes two goods, electricity, e, and a composite commodity z. Doug has the following utility function: U = z²-e Last week, he clicked on a Facebook ad and got free solar panels put on his roof! Now Doug has solar panels on his roof that generate 50 units of electricity per day. For the going price of electricity, if Doug demands more than 50 units of electricity, he can buy more at that price. If he demands less than 50 units, he can sell the extra electricity (50 - his consumption) back to the grid, and earn the going price as extra income. a. What are his Marshallian demand functions for e and z? b. Currently, Doug's income is $100 per day, the price of z is $1 and the price of electricity is $0.50. How much electricity is he consuming and what is his utility? (note, the utility numbers may get a bit large). C Calculate quantity demanded for electricity and his utility if the price of electricity rises to $1. And then calculate the quantity demanded and utility when the…A consumer is choosing between magazines and books. His set of consumer optimums are shown on the graph to the right. 50 Consumer income allocated for these two goods is equal to $150. The price of 45 magazines (P,) is equal to $5.00. 40- How do these changes in the price of books affect the demand for magazines? 35- 30- 25 NN 20- demand remains constant 15- PCC demand increases 10- 5- demand decreases 0- Ó 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Books étv 21 MacBook Air 80 DII F5 F6 F7 F8 F9 F10 F1 F2 F3 ! @ $ & * 1 2 3 4 6. 7 Q W E T U A S F H. J K L C V M option command command op ...- * C0 Magazines DUse this information to answer the following 4 questions: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week?If the price of a pie is $12, what is the maximum number of pies she could buy in a week?Draw Marie’s budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint?What is Marie’s opportunity cost of purchasing a pie?
