Five consumers have the following marginal utility of apples and pears: The price of an apple is
Question:
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?
Transcribed Image Text:
Marginal Utility Marginal Utility of Apples of Pears Claire... ..6... .12 Phil.... .6.. ..6 Haley.. .6.. .3 Alex.... .6 Luke... 3.. 12
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
Utility is maximized when the marginal utility per ...View the full answer
Answered By
Rehab Rahim
I am well versed in communicating and teaching in areas of all business subjects. I have helped many students in different ways from answering answers to writing their academic papers.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Which if any of these statements are true? Stock prices appear to behave as though successive values. a. are random numbers. b. follow regular cycles. c. differ by a random number.
-
For those who do not attend weekly religious services compared with those who do: a. The increased risk of dying from all causes for men under age 70 is 0.27. b. The relative risk of dying from...
-
Aramis, Porthos, and Athos have the following marginal value schedules for swords: Aramis, Porthos, and Athos are the only buyers of swords in the community, and swords are produced at a constant...
-
Examine the articles reproduced below and consider how the five C's discussed in the course have application in the present coronavirus pandemic. "To the extent that an environment characterized by...
-
A 3-kg sphere dropped through air has a terminal speed of 25 m/s. (Assume that the drag force is bv.) Now suppose the sphere is attached to a spring of force constant k = 400 N/m and that it...
-
List Net Income in the appropriate columns.
-
A centrifugal fan has a power input of \(25 \mathrm{~kW}\), an inner radius of \(R_{1}=0.5 \mathrm{~m}\), an outer radius of \(R_{2}=1.0 \mathrm{~m}\), and delivers \(100 \mathrm{~kg} / \mathrm{s}\)...
-
Aquatran Incorporated uses leases as a method of selling its products. In early 2011, Aquatran completed construction of a passenger ferry for use between Manhattan and Staten Island. On April 1,...
-
Example of grounded theory in relation to general psychology. Give an example that could be used in the field of psychology and how a grounded theory would fit into that example.
-
On October 1, Year 1, Stokes Company paid Eastport Rentals $4,800 for a 12-month lease on warehouse space. Required a. Record the deferral and the related December 31, Year 1, adjustment for Stokes...
-
Maya divides her income between coffee and croissants (both of which are normal goods). An early frost in Brazil causes a large increase in the price of coffee in the United States. a. Show the...
-
Jacob buys only milk and cookies. a. In year 1, Jacob earns $100, milk costs $2 per quart, and cookies cost $4 per dozen. Draw Jacob's budget constraint. b. Now suppose that all prices increase by 10...
-
When light with a wavelength of 545 nm shines on a metal surface, electrons are ejected with speeds of 3.10 105 m / s or less. (a) Give a strategy that allows you to use the preceding information to...
-
9.31 A jet transport aircraft has two turbofan engines and the following characteristics: mro = 60,000 kg, S = 150 m; TL =2 x 80 kN, b= 35 m; e=0.82; Cpo=0.02, CLmax = 2.6. a. Determine the corner...
-
October 31 is the fiscal (financial) year-end for the Spring Hill Ski Complex. From the information below, prepare the adjusting entries with suitable explanations (including any necessary...
-
If you Imagine yourself a senior analyst in the Office of Intelligence and Analysis within the Department of Homeland Security and your team has been tasked with compiling multiple sources of...
-
Calculate the theoretical maximum percentage efficiency of a coal fired power plant producing steam at 640C and rejecting into a low temperature sink at 20C.
-
Using the formula, "total assets / total assets, or sum of percentages", calculate the total assets of table below, total assets is $545 Common Size Balance Sheets Assets 20XX 20XY Cash and cash...
-
Photons with energy lower than a semiconductor?s band gap aren?t readily absorbed by the material, so a measurement of absorption versus wavelength gives the band gap. An absorption spectrum for...
-
Identify the source of funds within Micro Credit? How does this differ from traditional sources of financing? What internal and external governance mechanisms are in place in Micro Credit?
-
The poverty rate would be substantially lower if the market value of in-kind transfers were added to family income. The largest in-kind transfer is Medicaid, the government health program for the...
-
Carlos consumes only cheese and crackers. a. Could cheese and crackers both be inferior goods for Carlos? Explain. b. Suppose that cheese is a normal good for Carlos while crackers are an inferior...
-
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...
-
Image transcription text Introduction: The Smart Parking Management System (SPMS) project aimed to develop an efficient, automated solution for managing parking spaces in urban areas using Arduino...
-
A. Can we use human capital theory to explain "Age-Discrimination"? If so, how? B. Why do some firms prefer to hire younger workers, especially for entry level positions? C. Why do some firms...
-
Image transcription text Question 6 Not yet answered Marked out of 1.00 '1" Flag question During a mountain?biking tripr Bill and Barry are discussing the merits of having the springs and shocks used...
Study smarter with the SolutionInn App