In: Economics

Answer the question on the basis of the following total utility data for apples and oranges. Assume that the prices of apples are $3 and oranges are $4, and that the consumer's income is $18.

Apples | Total Utility | Oranges | Total Utility |

1 | 9 | 1 | 16 |

2 | 15 | 2 | 28 |

3 | 18 | 3 | 36 |

4 | 20 | 4 | 40 |

5 | 21 | 5 | 42 |

If Wanda, the consumer, is currently purchasing 1 apple and 3 oranges, is she maximizing her utility? Why or why not? If she is not, what combination should she purchase to maximize her utility, and explain why?

A utility-maximizing consumer believes two goods are Perfect
Substitutes u(x, y) = 3x + 4y. She pays pY = 2 and
pX = 1. Her income is m = 24. Next month the price of
good x will rise to pX = 3. Round your final answers to
3 decimal places.
What is the EV, CV and Approximate ΔCS?

5) Suppose a consumer of oranges and tangerines is currently in
equilibrium. If the price of tangerines falls, the consumer will
attempt to restore equilibrium by:
A) buying more oranges B)
buying fewer tangerines C )buying more
tangerines D) A and B E) None of
the above
6) Jasper LLC's total cost is $10500 and the average total cost
is $17.50; how many units are they producing?_________
7) When Jasper LLC produces Q=700, ATC=17.50; what is
TC?____________
Refer to questions...

The state legislators recognize that consumer demand is
determine by the Utility
Maximizing point, but are unsure of how the Utility Maximizing
point is found. Explain
the relationship between the budget line and an indifference
curve at the Utility
Maximizing point and how tangency between two curves factors
into this.

The state legislators recognize that consumer demand is
determine by the Utility
Maximizing point, but are unsure of how the Utility Maximizing
point is found. Explain
the relationship between the budget line and an indifference
curve at the Utility
Maximizing point and how tangency between two curves factors
into this.

A utility-maximizing consumer who consumes quantity x and y of
two goods has a quadratic utility function given by
Ux,y=x+y-0.05x2-0.05y2
subject to
2x+5y=128
Where $128 is the consumer’s budget and the prices of the two
goods are, respectively, 2 and 5. Assuming marginal utilities Ux,
Uy > 0,
a. Find the quantity x and y that maximize the utility function.
b. Using bordered Hessian, check utility for a maximum.
c. What is the maximum utility of the consumer?

A utility-maximizing consumer who consumes quantity x and y of
two goods has a quadratic utility function given by
Ux,y=x+y-0.05x2-0.05y2
subject to
2x+5y=128
Where $128 is the consumer’s budget and the prices of the two
goods are, respectively, 2 and 5. Assuming marginal utilities Ux,
Uy > 0,
a. Find the quantity x and y that maximize the utility function.
b. Using bordered Hessian, check utility for a maximum.
c. What is the maximum utility of the consumer?

A utility-maximizing consumer who consumes quantity x and y of
two goods has a quadratic utility function given by
Ux,y=x+y-0.05x2-0.05y2
subject to
2x+5y=128
Where $128 is the consumer’s budget and the prices of the two
goods are, respectively, 2 and 5. Assuming marginal utilities Ux,
Uy > 0,
a. Find the quantity x and y that maximize the utility function.
b. Using bordered Hessian, check utility for a maximum.
c. What is the maximum utility of the consumer?

we'vr learned that the consumer ms utility maximizing choice is
where the ratio of the marginal utility of two good are equal to
each other (Mux/px=Muy/py).what does this condition mean and wht is
it the utility maximizing choice?explain

Scenario
Wanda comes to you because she is discouraged and needs to talk.
Her parents have heard she is thinking of expanding her business
and even possibly taking out a second mortgage on her home to fund
the expansion. They have never been overly supportive of her
business, but as long as it seemed like a “hobby,” they didn’t have
much to say. Recently Wanda’s mother called and expressed strong
reservations about Wanda taking such a large step. This made...

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