please answer all the questions Quantity ofTotal utility Quiatity of Toal nilny
ID: 1114342 • Letter: P
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please answer all the questions
Quantity ofTotal utility Quiatity of Toal nilny 25) The table above gives Jane's total ty from magazines and CDs. What is the gisal utility o Jane's sixth magazine? A) 80 units B) 60 units C) 36 uniss D) 15 units 26) The tukle above gives Jane's total utilily from emagszines and CDs. Wat i the urgiond mlity af te sixth CD? A) 150 units B) 100 units C) 50 units D) 5 units 27) The table above gives Jane's toual utility from gazines nd CDs. The price of a maguzine is St nd the price of a CD is Si0. Which of the follewing correctly iustrates the principle of diminishing maina utility? The fact that A) the sixth magazine has less marginal uility than the sixth CD B) Jane's marginal ucility per dollar from the second magazine is the same as her marginal utility per dollar from the third CD. C) the marginal utility per dollar from the sixth magazine is less than the total utility from six magazines D) the marginal utility of the third CD is les than the marginal utility of second CD 28) When Ramona is in consumer equilibeium A) her total utilities of all goods are equal. B) she is maximizing ber utility, given her income and the prices of goods and services C) her total utility per dollar spent is equal for all goods. D) any chinge in prices would make her worse off 29) Which of the following occur when a persun maximizes utility? I. the marginal utility of each good bought is equal II the highest level of utility is attained III. all of a person's budget is spent A) I and II B) 1 and III C) II and II D) I, Il and IIExplanation / Answer
Answer 25:- The correct answer is:- C:- 36 units
Reason:- Marginal utility for 6th magazine =716-680=36
Answer 26:- The correct answer is:- C:- 50 units
Reason:- Marginal utility for 6th CD =1850-1800=50
Answer 27:- The correct Answer is:- D:- the marginal utility of the third CD is less than the marginal utility of second CD.
Answer 28:- the correct Answer is:- B:- she is maximizing her utility, given her income and the prices of goods and services.
Answer 29:- The correct Answer :- C) II and III.
Reason:- Utility can be maximized when the highest level of utility is attained and all of a person’s budget is spent
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