price of bagels is_____dollars and the price of coffee is_____dollars.(b) Both Kylie and Kona make rational breakfast choices that maximize their respective utilities. Kylie's marginal rate of substitution is_____ and Kona's marginal rate of substitution is_____(c) If Kona were forced to consume Kylie's bundle and vice versa, then Kona's marginal rate of substitution would be______greater than", "less than", or "equal to")Kylie's marginal rate of substitution. Bagels32Question 5 o19Kylie's & Kona's Breakfast Choice01(a) The price of bagels isKoa's Choice2Kylie's ChoiceCoffee(b) Both Kylie and Kona make rational breSearch the web4Kylie and Kona have both budgeted $9 for breakfast of coffee and bagels. Their budget constraints and choiTime Remaining: 00:56:44▲ Hide Time Remaining ATZ Pointsdollars and the price of coffee isHices that maximiz heir respective utilities. Kylie's margin

A budget restriction is the total amount of goods you can purchase with the available funds, in…

price of bagels is_____ dollars and the price of coffee is_____dollars. (b) Both Kylie and Kona make rational breakfast choices that maximize their respective utilities. Kylie's marginal rate of substitution is_____ and Kona's marginal rate of substitution is_____ (c) If Kona were forced to consume Kylie's bundle and vice versa, then Kona's marginal rate of substitution would be______greater than", "less than", or "equal to") Kylie's marginal rate of substitution.

price of bagels is___ dollars and the price of coffee is_dollars. (b) Both Kylie and Kona make rational breakfast choices that maximize their respective utilities. Kylie's marginal rate of substitution is_ and Kona's marginal rate of substitution is_ (c) If Kona were forced to consume Kylie's bundle and vice versa, then Kona's marginal rate of substitution would be____greater than", "less than", or "equal to") Kylie's marginal rate of substitution.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utilityâ€”maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.
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