Number of results: 8,170
I would go with marginal utility per dollar as it can be used to guide the consumer to allocate is dollars of income to maximize utility. Although, truth be said, whenever I think of "marginal utility", I presume it means "marginal utility per dollar"
Wednesday, July 23, 2008 at 4:27am by economyst
how is marginal utility found? Marginal utility is the change in total utility divided by the change in the quantity consumed of a good. MU=ChangeinTU/ChangeinQG
Tuesday, February 6, 2007 at 4:46pm by Keela
What is more important to the consumer: Marginal utility or marginal utility per dollar and why
Wednesday, July 23, 2008 at 4:27am by Kevin
This week you have gone to two parties. Assume the total utility you gained from these parties is 100utils. Then you go to a third party, and your total utility rises to 110utils. What is the marginal utility of the third party attended per week? Given the law of diminishing ...
Sunday, March 11, 2012 at 11:16am by snizhanna
In order to answer the question, the theory of consumer behavior must be examined. Utility is the satisfaction or pleasure a consumer gets from the consumption of a good or service (all-you-can-eat buffet) and total utility is the total amount of satisfaction derived from the ...
Sunday, February 4, 2007 at 5:04pm by Christine
Consider the utility function u = f (x1……xn) where xi, i =1,2,……., n are the quantities of the n goods consumed. Let the price of good xi be pi, I = 1, 2,…….., n. Let M be the consumer’s income. Show that the Lagrangian multiplier of the utility maximization problem equals the...
Sunday, February 1, 2009 at 9:20am by Mesfin Mola
What happens to the marginal utility per dollar of shoes if the priece of shoes goes up, and how should consumers respond to this to maximize utility
Wednesday, July 23, 2008 at 4:28am by Kevin
Why do people routinely stuff themselves at all-you-can-eat buffets? Explain in terms of both utility and demand theories. At any level, the marginal cost of take another bite at an all-you-can-eat place is zero. In terms of utility, a person should therefore consume until the...
Sunday, February 4, 2007 at 5:04pm by Kayla
Suppose you consume three pounds of beef and five pounds of pork per month. The price of beef is $ 1.50 per pound, and pork is $ 2.00 per pound. Assuming you have studied economics and achieved consumer equilibrium, what is the ratio of the marginal utility of beef to the ...
Sunday, March 11, 2012 at 11:18am by snizhanna
For each example below, draw a set of three indifference curves that represent the given preferences. Be certain to show the direction of increasing utility. Also write down a utility function that would be consistent with the given preferences and use that utility function ...
Friday, August 7, 2009 at 9:21pm by Stan
If your marginal utility from your last session with your personal trainer is equal to the price she charged you, then
Friday, January 28, 2011 at 6:36pm by Anonymous
discuss the concepts of opportunity cost, utility, and marginal analysis in economic perspective.
Thursday, July 8, 2010 at 2:17am by kimberly
explain how the principle of diminishing marginal utility is related to the downward sloping demand curve?
Monday, July 13, 2009 at 5:11pm by AJ
Could you please check these thanks. Directions match each item with the correct statement. Not all terms are USED. Here are the words to fill in the blanks. business planning demand curve complements elastic demand expensive goods demand marginal utility expectations market ...
Thursday, May 14, 2009 at 9:03pm by Taylor
I have a question about the marginal utility theory If someone is at consumer equilibrium consuming normal goods, will an increase to income increase total utility consumption of goods? An increase in income will increase total utility as well as consumption of normal goods. ...
Wednesday, December 13, 2006 at 10:45pm by Dick
Microeconomics (margin Utility) need clarification
Someone was kind enough to help me with this question, but i was still confused on how they helped me with the first part of my question. The original question was: You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are ...
Wednesday, October 15, 2008 at 6:50pm by David
1. The principle that states that the more you have of something, the less satisfaction you will get from an additional unit is the a. law of demand. c. law of equilibrium. b. law of diminishing marginal utility. d. price elasticity. 2. Demand for one particular brand of ...
Wednesday, March 31, 2010 at 5:48pm by Candace
apples cost £2 and pears cost £4. For John the marginal Utility (MU) of the last apple consumed was 4 and MU of pears was 12. For Paul MU of last apple was 3 and MU of last pear was 6. Which person is not maximising utility and how can you tell? What should they do?
Sunday, November 8, 2009 at 9:14am by remy
A most excellent question. A question asking you to think like an economist. And the question just oozes with micro-economic issues. Take a shot, what do you think. I or others will be happy to critique your thinking. Hints. Think about what the casino is selling. Assume both ...
Thursday, July 30, 2009 at 11:40pm by economyst
Economics - Marginal Utility
If the price of a cheeseburger is $2 and the price of a bag of french fries is $1, and you have $7 to spend (and you can spend all of it). What is the utility-maximizing combination of cheeseburgers and french fries? Wouldn't that depend on the utility value of the cheesburger...
Sunday, April 1, 2007 at 8:41pm by Tracci
To maximize utility, a consumer should purchase the item that provides the highest marginal utility per dollar. Then the next highest, then the next highest until the consumer runs out of money. So divide the MUs by the price and keep picking items until you run out of money. ...
Monday, October 19, 2009 at 10:39am by economyst
Suppose Bill is on a low-carbohydrate diet. He can eat only three foods: Rice Krispies, cottage cheese, and popcorn. The marginal utilities for each food are tabulated below. Bill is allowed only 167 grams of carbohydrates daily. Rice Krispies, cottage cheese, and popcorn ...
Wednesday, March 3, 2010 at 5:11pm by Nauman
how are: goods services utility form utility place utility time utility possession utility information utility benifits and occupational area related to marketing the deffinition for it is: the prosses of developing, promoting, and distributing products to satisfy customers ...
Sunday, August 17, 2008 at 10:37pm by clarissa
how are: goods services utility form utility place utility time utility possession utility information utility benifits and occupational area ralated to marketing the deffinition for it is: the prosses o developing, promotng, and distributing products to satisfy customers ...
Sunday, August 17, 2008 at 10:37pm by clarissa
Suppose your marginal utility for meals at the campus cafeteria this week has fallen to zero. Explain what has happened to your total utility curve derived from consuming these meals. Now explain what will happen to total utility if you eat more meals at the cafeteria this week.
Sunday, March 11, 2012 at 11:17am by snizhanna
Marginal utility per dollar doesnt change. However, with a price increase, I need more dollars to get a single pair of shoes. I would buy less shoes and more of something else.
Wednesday, July 23, 2008 at 4:28am by economyst
Without insurance, Pete's expected utility is .9*sqrt(2*10000) + .1*sqrt(2*2500) = 134.3502884 utils So, what wealth give him equal amount of utility. Well, work the utility formula backwards. That is (134.3502884^2)/2 = 9025. Take it from here.
Saturday, December 5, 2009 at 6:40am by economyst
Lakshani has $50 per season to spend on tickets to foot-ball games and tickets to soccer games. Each football tick-et costs $10 and each soccer ticket costs $5. She is thinking about buying 3 football tickets and 2 soccer tickets. Her marginal utility from the third football ...
Tuesday, November 18, 2008 at 10:21am by lisa
I dont understand your Utility functions. If I read your post, literally, then: If Fred has 1 peaches and 10 oranges, his utility is same as if he had 9 peaches and 10 oranges. The utility for both mixes is 10? This does not make sense.
Thursday, September 20, 2007 at 10:14pm by economyst
If utility is U(x,y) = x^0.3 y^0.7 (i.e x* = 0.3I/Px and y* = 0.7I/Py). What is the indirect utility function and expenditure function?
Thursday, March 19, 2009 at 7:30am by Jeb
If there is "too much of a good thing", the marginal cost of the last item exceeds its marginal benefit.
Wednesday, June 2, 2010 at 5:55pm by anonymous
D Rule 1 of microeconomics The optimal quantity for essentially everything is where marginal revenue = marginal cost
Tuesday, March 20, 2012 at 11:11pm by David
Try here: http://www.google.com/search?q=how+principle+of+diminishing+marginal+utility+relates+to+the+downward+sloping+demand+curve&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a Sra
Monday, July 13, 2009 at 5:11pm by SraJMcGin
If utility is U(x,y) = xy + y, what is the indirect utility function and expenditure function?
Thursday, March 19, 2009 at 7:32am by Bob
how to weigh marginal cost and marginal benefits when using examples of recent decisions in your life.
Tuesday, August 28, 2012 at 9:50pm by deb
Suppose a person has a utility function U=YX. What is the minimum level of income required to get a utility of 20? Your answer should be a function of, among other things, Px and Py.
Thursday, September 20, 2007 at 10:14pm by jon
explain how the strength of the economy could affect the marginal benefits and the marginal costs associated with a decision to purchase a home.
Saturday, July 17, 2010 at 12:27am by Mike J
Microeconomics help please (urgent)
You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are fortunate and purchase it for $50. 1) Does the lower price alter the marginal utility you originally placed on the item? 2) Is your potential total utility increased ...
Wednesday, October 15, 2008 at 12:18pm by David
Decreasing marginal utility
Tuesday, March 13, 2012 at 9:11pm by Anonymous
a) when output is 2, from your table, total fixed costs are $5 and total variable costs are $27. Simple arithmatic. b) marginal cost is the change in cost from a marginal (e.g., 1 unit) change in production. c) always always always, profit is maximized when marginal cost=...
Monday, October 29, 2007 at 9:19pm by economyst
Suppose a monopolist faces an inverse demand function P=100-1/2Q, and the monopolist has a fixed marginal cost of $20. How much more would the monopolist make from perfect price discrimination compared to simply producing where marginal revenue equals marginal cost?
Wednesday, November 14, 2007 at 11:26am by jennifer
2.The owner-manager of Good Guys Enterprises obtains utility from income(profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...
Wednesday, May 5, 2010 at 7:54am by Jorie
The owner-manager of Good Guys enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up a problem and derive the optimization conditions if the...
Friday, July 30, 2010 at 12:59pm by Anonymous
The Owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...
Sunday, August 8, 2010 at 3:54pm by tina
The owner-manager of Good Guys Enterprise obtains utility from income (profit) and from having the firm behaves in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...
Sunday, August 8, 2010 at 3:54pm by Sugar
For each of the following situations, decide whether the bundle Lakshani is thinking about consuming is optimal or not. If it is not optimal, how could Lakshani improve her over-all level of utility? That is, determine which good she should spend more on and which good should ...
Tuesday, November 18, 2008 at 10:49am by lisa
The maximum utility is the action that helps the most people. That makes A the only choice. Presumably by distributing the vaccine to high risk populations, and not allowing them to sell this serum, you've maximized the total utility by preventing as many people as possible ...
Monday, September 20, 2010 at 9:34pm by Ms. Sue
Microeconomics help please (urgent)
1) Under the most common utility functions, No. Price paid is independent of the marginal utility received. 2) Yes, Instead of getting the item for $100, you get the item plus have $50 to spend on something else. (Note: in future posts, I suggest you let us know what you think...
Wednesday, October 15, 2008 at 12:18pm by economyst
Explain how decision making, interaction and the workings of the economy influences the marginal benefits and marginal costs associated with the decision to purchase a house?
Thursday, July 8, 2010 at 2:17am by Elizabeth
There are two goods 1 and 2. Denote by (x1; x2) the consumption bundle consisting of x1 units of good 1 and x2 units of good 2. A consumer has preferences that described by the linear utility function: u(x1; x2) = x1 + 2x2: 1. Write down the equation for the indierence curve ...
Thursday, October 4, 2012 at 4:31pm by april
1. Marginal is the change in one variable due to a unit change in another. For example, the change in the X value from 2 to 3 is 1 or a "unit change", which leads to an increase in Y from 12 to 21 or a "marginal increase" in the Y value of 9. The symbol Δ (the Greek ...
Wednesday, December 22, 2010 at 11:31am by Namchi
Microeconomics: Consumer Theory
If the MU per dollar spent on wings is greater than the MU per dollar spent on pizza, JP will spend that dollar on wings because it adds more to his TU than if he spent it on pizza, i.e., he’ll buy more wings and less pizza. Suppose that JP was consuming so that his MUp/Pp >...
Sunday, November 30, 2008 at 1:00pm by Anonymous
My micro econ prof was trying to explain marginal analysis and he said the following: If your marginal happiness is 0 then you are maximally happy. I don't understand this at all. Could someone explain this to me? Thanks!
Monday, May 9, 2011 at 2:20pm by Lena
Econmics - Marginal Utility
total utility of total utility of cheeseburgers french fries 0 0 20 8 36 14 48 18 56 20 60 20 What is the utility-maximizing combination of cheeseburgers and french fries if cheeseburgers are $2 and french fries are $1 and you have $7 to spend (and you can spend all of it). ...
Sunday, April 1, 2007 at 9:17pm by Tracci
Need examples of topics dealing with 2 Economic Concepts.... Meaning .. Like Gas prices .. deals with supply and demand along with goods and services. Which two economic concepts? Please explain your question. I reposted Another post stating what exactly what i was looking for...
Tuesday, October 3, 2006 at 8:28pm by Mirage
Microeconomics help please (urgent)
For each of the following situations, decide whether the bundle Lakshani is thinking about consuming is optimal or not. If it is not optimal, how could Lakshani improve her overall level of utility? That is, determine which good she should spend more on and which good should ...
Tuesday, October 21, 2008 at 9:51am by Anonymous
Briefly explain the following: (a)Economic cost and accounting cost. (b)Free market economy and mixed economy. (c)Marginal utility theory and indifference curves analysis. Please note that we don't do students' homework for them. Once YOU have come up with a response to YOUR ...
Friday, March 23, 2007 at 7:14am by Christine
I'm working on some HW for my MBA Managerial Economics class. I've got one problem down to the end, but I'm stuck. Any help would be greatly appreciated. And, of course, if you could check my work on a & b, that would be excellent. Thanks! :) 1.) The mathematics of consumer ...
Friday, October 5, 2007 at 11:18am by klynn
Whew. Take a shot, what do you think? I or others will be happy to check your answers. Hint: Set marginal cost=marginal revenue and solve for Q; the answers to many of the questions will then easily fall out.
Friday, June 5, 2009 at 2:42am by economyst
First, I dont understand your utility function; I think the Jiskha site modified or eliminated some "special" characters you may have been using. Second, I dont see a question. That said, a proportional income tax should lower the marginal utility from working, while a lump ...
Wednesday, October 8, 2008 at 1:22pm by economyst
The owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firms behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...
Friday, May 11, 2012 at 12:28am by Ashaki
MRTS is the marginal rate of technical substitution. In a two-input production function, it is simply the marginal product of X over the marginal product of Y. That is MRTS = -MPx/MPy and MPx is simply the first derivitive of the production function with respect to x
Tuesday, June 23, 2009 at 11:58am by economyst
Take a shot, what do you think? Hint: does an author have marginal costs? Does a publisher have marginal costs?
Monday, May 5, 2008 at 7:53am by economyst
If a firm is producing a level of output where marginal revenue exceeds marginal cost, would it improve profits by increasing output, decreasing output, or keeping output unchanged?
Sunday, July 25, 2010 at 10:14pm by Anonymous 2
Given the increase in government expenditures and the marginal propensity to consume, how would yoou find the change in equilibrium GDP? I did the expenditures X the marginal propensity but this is wrong.
Saturday, April 21, 2012 at 11:29pm by Hannah
I'm guessing that you tried to cut-and-paste the "information". As you found out, such efforts do not work well on the jiskha site. That said, always always always maximize profit where marginal cost = marginal revenue.
Thursday, December 11, 2008 at 6:54pm by economyst
You might begin right here: http://www.google.com/search?q=explain+diminishing+marginal+utility&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a Sra
Wednesday, March 31, 2010 at 6:11pm by SraJMcGin
H.W in Partial economy
You lost me at the third orange. Try the Prokoviev opera. http://www.youtube.com/watch?v=obTZBHAuOqY&feature=related H.W. = homework? M. U. = marginal utility? If this is how economics is taught nowdays, no wonder the world is in such a mess.
Friday, October 7, 2011 at 2:03pm by drwls
Suppose the demand curve for a monopolist is Qd = 500 – P, and the marginal revenue function is MR = 500 -2Q. The monopolist has a constant marginal and average total cost of $50 per unit.
Monday, January 17, 2011 at 7:14pm by Michelle
Ms Sue's statement is correct. However I would add the following. A firm should hire until the value of the marginal product (aka marginal revenue product or MRP) equals the marginal cost of the input (aka the marginal factor cost or MFC). The MRP will decline because of ...
Monday, July 6, 2009 at 8:53pm by economyst
Does diminishing marginal utility or indifference curve works for consumers? which of these concept works
Monday, November 29, 2010 at 5:21pm by lisa
If your marginal utility from your last session with your personal trainer is equal to the price she charged you, then: Thank you-Jane
Friday, March 11, 2011 at 7:48pm by Jane
Microeconomics (margin Utility) need clarification
So, you go the frige and find an apple. You bite into it, and its delicious. You get positive utility. Then you see a grocery receipt lying on the table. Your mother paid $3 per pound for the apples. Does this change the utility you got from eating the apple. (no). Opps, you ...
Wednesday, October 15, 2008 at 6:50pm by economyst
Microeconomics help please (urgent)
ok, say the marginal utility (MU) from the 2nd sneakers and 5th sweater is X. With the sneakers, she is $50 to get X, with the sweaters, she is spending $20 to get X. She MAY be better off if she spent more on sweaters and less on sneakers. (I say MAY because we dont know the ...
Tuesday, October 21, 2008 at 9:51am by economyst
q = 5,000 - 100p tc= 10,000 - 10q plot the demand curve marginal revenue curve marginal cost curve profit maximising price, quantity, and profits
Thursday, September 1, 2011 at 7:26am by debra
what do the principles of economics influence your decision making, interaction with others, and the economy as a whole Im not sure what you are asking. Is it "what pricipals of economics affect decision making..." If so, I would use the principals of opportunity cost, utility...
Tuesday, May 15, 2007 at 8:08pm by stacy
explain how a firm's production function is related to its marginal product of labor,how a firm's marginal product of labor is related to the value of its marginal product, and how a firm's value of marginal product is related to its demand for labor?
Tuesday, May 29, 2012 at 8:12am by Alvin
The last printer adds 20 books to the total output. So, the marginal productivity of the last printer is 20 books. The marginal productivity of the last printing press is 1000 books. The optimal choice of input is determined by the condition, Marginal productivity of printer ...
Wednesday, August 11, 2010 at 3:09am by Racine
Quality Adjusted Life Years evaluates interventions in _____ rather than _____. a. dollars; years b. utility; dollars c. years; dollars d. dollars; utility
Monday, April 19, 2010 at 8:09pm by Zoe
hi new to economics, and struggling with some of its concepts. got this posed as a homework question, and i have to admit stumped as how to begin. Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital ...
Friday, April 26, 2013 at 1:59pm by john
charts for cardinal and ordinal utility
Thursday, December 9, 2010 at 1:58pm by swathi
4-The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today. 5-When the market price is ...
Wednesday, September 19, 2012 at 7:55pm by Randy
Assume that the marginal utilities for the first three units of a good consumed are 200, 150, and 125 respectively. What is the total utility for the first unit?
Friday, July 27, 2012 at 1:24am by Preston
what is meant by utility and how does it relate to purposeful behavior.
Monday, April 26, 2010 at 5:21pm by Susan
Suppose 15 peaches and 20 oranges need to be divided between fred and ethel. Fred's utility function is U=Max(#of peaches, #of oranges) ethels utility function is U=Max(2# peaches, # of oranges). Carefully draw a graph showing the set of Pareto efficient allocations.
Thursday, September 20, 2007 at 10:14pm by jon
What is meant by the term utility and how does it relate to purposeful behavior
Tuesday, July 27, 2010 at 5:32pm by stephanie
what is meant by the term utility and how does it relate to purposeful behavior?
Monday, November 22, 2010 at 3:57pm by CJ
Take a shot, what do you think. Hint: you have a price-discriminating monopolist. First determine the Marginal revenue equations for each market. Marginal Cost is zero in both. So, allocate the marginal car to the market where MR is highest. Since the two demand curves have ...
Monday, January 12, 2009 at 2:02pm by economyst
Is the mrts? a. minuse one times the ratio of marginal products for ea. input? b. the slope of the marignal revenue product curve c. the marginal products of either input d. the slope of an icocost curve
Tuesday, August 3, 2010 at 5:58pm by bj
LABOUR ECON...TAX QUESTION
k here is the question suppose a government imposed an employment tax. That is upon entering the labour force an, individual had to pay a lump sum tax. (if they dont work, they dont have to pay the tax). How ould this affect the individual's labour supply curve? Good question...
Monday, November 6, 2006 at 4:46pm by tofu
For example the productive needs of the firm would be to set (Marginal Revenue = Marginal Costs (MR = MC) and create excess profits for the firm. However, as far as what is in the best interests of society it might be Price or (Average Revenue) = MC. Give the answers of both ...
Saturday, September 3, 2011 at 7:30pm by DD
This is a classic maximize-profits for a monopolist. Always, always, always, maximize where marginal cost (MC) equals marginal revenue (MR). OK, Total Revenue is P*Q. Using your demand equation TR=35Q-.02Q^2. Marginal revenu is the first derivitive of total revenue, so MR=35-....
Tuesday, April 7, 2009 at 2:45pm by economyst
Try some of the following links about marginal analysis: http://search.yahoo.com/search?fr=mcafee&p=explain+marginal+analysis Sra
Monday, May 9, 2011 at 2:20pm by SraJMcGin
1.. Suppose that U(x; y) = min(x; y) with px = 1 and py = 1. Describe and illustrate the income and substitution effects of an increase in the price of good y. What does this imply about a tax imposed on good y.. 2.. Let U(x; y) = 5x:8y:2 showing all derivation work, find: (a...
Friday, February 21, 2014 at 8:29pm by Anonymous
No, you are way off track. For utility maximization in spending on goods, you want the spend where the marginal utility per dollar is the highest. So, if MUx/Px is greater than MUy/Py then spend more on x and perhaps less on y. I presume your "10.00" is the price per bottle of...
Sunday, November 29, 2009 at 4:39pm by economyst
She is not doing the right thing to maximize her utility from the consumption of bread and milk. If the last dollar spent on bread gives her 80 utils of satisfaction, the last dollar spent on milk should give her the same utility of 80. This is the utlity maximization rule of ...
Wednesday, March 23, 2011 at 6:32am by yuo
The marginal rate of technical substitution A. Determines the rate at which a producer can substitute between two inputs in order to increase one additional unit of output B. Is the absolute value of the slope of the isoquant C. Is the absolute value of marginal revenue D. Is ...
Thursday, February 5, 2009 at 11:23pm by Carol
Ive been stuck on this forever now if someone could please walk me through it i was appreciate it: 1: Suppose John had a utility function of U=X^2/3Y^1/3 . Derive Johns demand function from his utility function showing all the necessary steps. i know that the MUx=MUy and first...
Tuesday, September 18, 2007 at 7:58pm by Brett
Consider a consumer who has an experienced utility function given by . Let denote the market price of good , and assume that it remains fixed throughout the problem. The company selling the good starts an advertisement campagin that has the following effect on the consumer: ...
Wednesday, January 22, 2014 at 2:36am by ali
The utility function of a consumer U(b,t)=Min(b,t) for where b=busfare and t=taxifare, b=3t for the same distance.For hundred times travel what will be the optimum number of busride and taxiride. If I understand your notation, bus fare costs 3 times a taxi fare. To maximize ...
Sunday, November 19, 2006 at 11:28am by S.S. Patsa