The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $14.00, the price of popcom is $4.00, and the price of Coke is $3.00. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Quantity 1 2 3 Popcorn Marginal Utility 192 144 96 48 24 12 Madison should buy boxes of popcom and cans of Coke. (Enter your responses as integers.) 4 5 Coke Marginal Utility 144 108 72 36 18 9

The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $14.00, the price of popcom is $4.00, and the price of Coke is $3.00. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Quantity 1 2 3 Popcorn Marginal Utility 192 144 96 48 24 12 Madison should buy boxes of popcom and cans of Coke. (Enter your responses as integers.) 4 5 Coke Marginal Utility 144 108 72 36 18 9

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter5: Consumer Choice: Individual And Market Demand

Section: Chapter Questions

Problem 5TY

See similar textbooks

Similar questions

The following table shows Ellie's utility from consuming slices of pie and cans of 7 - Up. Slices of Pie 0 1 23456 Marginal Utility Cans from Last Slice of 7-Up 0 1 2 120 100 80 60 40 20 234 5 6 Marginal Utility from Last Can 120 60 45 30 20 15 Suppose Ellie has $6 per week to spend on pie and 7 - Up and that the price of a slice of pie is $1.00. 1.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $2.00. Label this point 'A'. 2.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $0.50. Label this point 'B'. 3.) Use the line drawing tool to connect the dots to form Ellie's demand curve. Properly label this line. Carefully follow the instructions above, and only draw the required objects. Price of 7-Up 12 4.5- 4- 3.5- 3- 2.5- 2- 1.5- 1- 0.5- 0- 3 4 Quantity of 7-Up 5
7. The following table shows Madison's utility, from consuming popcom and Coke: Suppose that Madison has income of $39,00, the price of popcom is $3.00, and the price of Coke is $13.50. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Coke Popcom Marginal Utility 96 Quantity Marginal Utility 144 108 72 48 72 36 24 12 6. 18 9 cans of Coke. (Enter your responses as boxes of popcorn and Madison should buy integers.) 2345 6
Ari intends to purchase a new car and has narrowed it down to a Dodge Ram truck or a Toyota Camry. A Dodge Ram truck costs $55000 while a Toyota Camry costs $20000. The utility that Ari will get from Dodge Ram truck is 12500 while Toyota Camry will generate a utility of 2500. Note: A purchase generating utility tells us the marginal utility of the good. What is the Marginal Utility per Dollar for Dodge Ram truck? What is the Marginal Utility per Dollar for Toyota Camry? Will Ari be better off buying a Dodge Ram truck or a Toyota Camry? ODodge Ram truck OToyota Camry A
The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $51.00, the price of popcorn is $6.00, and the price of Coke is $13.50. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Madison should buy boxes of popcorn and Quantity 1 2 3 4 5 6 Popcorn Marginal Utility 192 144 96 48 24 12 Coke Marginal Utility 144 108 72 36 18 9 cans of Coke. (Enter your responses as integers.)
. 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 first 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 cucumbers consumed. A poem costs three bronze coins but a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxilla’s 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…
Imagine, we are in ancient Greece. Praxilla lives in Athens and 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 first 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 cucumbers consumed. A poem costs three bronze coins, but a cucumber only costs one bronze coin. Praxilla has 18 bronze coins. 1. Sketch Praxilla’s 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…
The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $30.00, the price of popcorn is $6.00, and the price of Coke is $9.00. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Coke Marginal Utility 144 108 72 36 18 9 Quantity 2 3 4 5 6 Popcorn Marginal Utility 96 72 48 24 12 6 Madison should buy boxes of popcorn and cans of Coke. (Enter your responses as integers.)
The table below shows Fiona's marginal utility for hot dogs and peanuts at each quantity. What is her total utility if she consumes 4 hot dogs and 3 peanuts? Quantity of Hot dogs Marginal Utility Quantity of Peanuts Marginal Utility 1 119 1 92 2 111 2 81 3 97 3 70 4 81 4 58 5 62 5 45 6 43 6 31 7 22 7 16
Kai’s current marginal utility from consuming orange juice is 50 utils per ounce and her marginal utility from consuming coffee is 50 utils per ounce. If orange juice costs $0.25 per ounce and coffee costs $0.20 per ounce, is Kai maximizing her total utility from the two beverages? Instructions: Enter your responses as whole numbers. At her current level of consumption, Kai receives: utils per dollar spent on orange juice.At her current level of consumption, Kai receives: utils per dollar spent on coffee.Therefore, Kai maximizing her total utility because MUoj/Poj is MUc/Pc. Kai’s current marginal utility from consuming orange juice is 50 utils per ounce and her marginal utility from consuming coffee is 50 utils per ounce. If orange juice costs $0.25 per ounce and coffee costs $0.20 per ounce, is Kai maximizing her total utility from the two beverages? Enter your responses as whole numbers. At her current level of consumption, Kai receives: utils per dollar…
Max enjoys windsurfing and snorkeling. Max has $35 a day to spend, and he can spend as much time as he likes on his leisure pursuits. The price of renting equipment for windsurfing is $10 an hour and for snorkeling is $5 an hour. The table shows the total utility Max gets from each activity. Total Total Hours utility from utility from per day windsurfing snorkeling 1 120 40 2 220 76 3 300 106 4 360 128 5 396 140 6 412 150 7 422 158 Calculate Max’s marginal utility from windsurfing at each number of hours per day. Does Max’s marginal utility from windsurfing obey the principle of diminishing marginal utility? How many hours does…
Ramona is an asparagus farmer and the world asparagus market is perfectly competitive. The market price is $23 a bundle. Ramona sells 800 bundles a week and her marginal cost is $25 a bundle. The market price falls to $20 a bundle, and Ramona cuts her output to 500 bundles a week. Ramona's average variable cost and marginal cost fall to S20 a bundle. Ramona is A. not maximizing profit because she has cut her asparagus production O B. not maximizing profit because she is incurring an economic loss C. maximizing profit and she is incurring an economic loss O D. maximizing profit and she is making an economic profit E. not maximizing profit because marginal revenue does not equal marginal cost
11:55 The table below shows the per unit prices and marginal utility for the last unit of waffles and donuts that Luke purchased. Waffles Price per unit Marginal utility Luke spent all of his allocated budget on waffles and donuts. To maximize his utility, Luke should purchase O fewer of both goods O fewer waffles and more donuts O equal amounts of both goods O more both goods O more waffles and fewer donuts $25 Donuts 50 $10 50