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December 18, 2014

Search: Economics - Marginal Utility

Number of results: 4,891

economics
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
February 6, 2007 by Keela

Economics
What is more important to the consumer: Marginal utility or marginal utility per dollar and why
July 23, 2008 by Kevin

microeconomics
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 ...
March 11, 2012 by snizhanna

Economics
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
July 23, 2008 by Kevin

Economics
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...
February 4, 2007 by Kayla

economics
how to derive marginal utility of income?
April 2, 2014 by geet

microeconomic
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 ...
March 11, 2012 by snizhanna

Indifference Curves
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 ...
August 7, 2009 by Stan

economics
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?
November 8, 2009 by remy

Economics
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 ...
March 24, 2014 by Mark

economics
If your marginal utility from your last session with your personal trainer is equal to the price she charged you, then
January 28, 2011 by Anonymous

economics
explain how the principle of diminishing marginal utility is related to the downward sloping demand curve?
July 13, 2009 by AJ

Economics
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 ...
May 14, 2009 by Taylor

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 ...
October 15, 2008 by David

Economics
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. ...
December 13, 2006 by Dick

Managerial Economics
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 ...
March 3, 2010 by Nauman

Economic
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 ...
March 31, 2010 by Candace

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...
April 1, 2007 by Tracci

marketing
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 ...
August 17, 2008 by clarissa

microeconomics
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.
March 11, 2012 by snizhanna

mircoeconomic
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 ...
November 18, 2008 by lisa

economics
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.
September 20, 2007 by jon

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., heíll buy more wings and less pizza. Suppose that JP was consuming so that his MUp/Pp >...
November 30, 2008 by Anonymous

economics
If there is "too much of a good thing", the marginal cost of the last item exceeds its marginal benefit.
June 2, 2010 by anonymous

Economics
Suppose that a firm determines that its marginal revenue is greater than its marginal cost, it would better to
June 16, 2014 by Natisha Duty

economics
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 ...
October 4, 2012 by april

college economics
how to weigh marginal cost and marginal benefits when using examples of recent decisions in your life.
August 28, 2012 by deb

economics
explain how the strength of the economy could affect the marginal benefits and the marginal costs associated with a decision to purchase a home.
July 17, 2010 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 ...
October 15, 2008 by David

Economics
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 ...
May 5, 2010 by Jorie

Managerial Economics/Math
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 ...
October 5, 2007 by klynn

A.P. Economics
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 ...
December 22, 2010 by Namchi

economics
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?
November 14, 2007 by jennifer

home economics
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...
July 30, 2010 by Anonymous

managerial economics
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 ...
August 8, 2010 by tina

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). ...
April 1, 2007 by Tracci

Economics
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?
March 19, 2009 by Jeb

Economics
If utility is U(x,y) = xy + y, what is the indirect utility function and expenditure function?
March 19, 2009 by Bob

mircoeconomic
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 ...
November 18, 2008 by lisa

Micro Economics
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 ...
March 23, 2007 by Christine

Economics
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?
July 8, 2010 by Elizabeth

Microeconomic
If your marginal utility from your last session with your personal trainer is equal to the price she charged you, then: Thank you-Jane
March 11, 2011 by Jane

ECONOMICS
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...
October 3, 2006 by Mirage

Economics
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!
May 9, 2011 by Lena

economics
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 ...
May 11, 2012 by Ashaki

Economics
Suppose the demand curve for a monopolist is Qd = 500 Ė P, and the marginal revenue function is MR = 500 -2Q. The monopolist has a constant marginal and average total cost of $50 per unit.
January 17, 2011 by Michelle

economics
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...
May 15, 2007 by stacy

Economics
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?
July 25, 2010 by Anonymous 2

Economics(Please respond)
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.
April 21, 2012 by Hannah

statistics
the average yearly utility costs on Middleton is $1722 with stdev of 146. assume that the utility costs follow a normal distribution. 1) What would the utility costs have to be so that only 7% of houses in Middleton have utility costs greater than this amount
September 29, 2014 by niki

CALCULUS ECONOMICS
Consider a market in which consumption of the good being traded generates a positive externality. There are 100 identical consumers, each with a utility function given by (1/2)*(q^(1/2))+m +(G^(1/2)) where G denotes the total level of consumption in the market. The good is ...
March 13, 2014 by Jenney

economics
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 ...
April 26, 2013 by john

economics
q = 5,000 - 100p tc= 10,000 - 10q plot the demand curve marginal revenue curve marginal cost curve profit maximising price, quantity, and profits
September 1, 2011 by debra

economic
Does diminishing marginal utility or indifference curve works for consumers? which of these concept works
November 29, 2010 by lisa

economics
charts for cardinal and ordinal utility
December 9, 2010 by swathi

economics
Consider a market in which consumption of the good being traded generates a positive externality. There are 100 identical consumers, each with a utility function given by 1/2 √q+m+√G, where G denotes the total level of consumption in the market. The good is sold by...
March 23, 2014 by hamna

ECON 4346
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 ...
September 19, 2012 by Randy

economics
what is meant by utility and how does it relate to purposeful behavior.
April 26, 2010 by Susan

economics
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...
February 21, 2014 by Anonymous

economics
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 ...
September 3, 2011 by DD

Economics
Quality Adjusted Life Years evaluates interventions in _____ rather than _____. a. dollars; years b. utility; dollars c. years; dollars d. dollars; utility
April 19, 2010 by Zoe

economics
What is meant by the term utility and how does it relate to purposeful behavior
July 27, 2010 by stephanie

Economics
what is meant by the term utility and how does it relate to purposeful behavior?
November 22, 2010 by CJ

Economics
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...
September 18, 2007 by Brett

economics
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.
September 20, 2007 by jon

Economics
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?
May 29, 2012 by Alvin

Economics
Suppose a market with two sellers Seller 1 has a marginal cost of c1=20q1 and seller 2 has a marginal cost of c2=40q2 Find the market supply curve in a competitive market where the price = c1= c2
September 30, 2010 by Shane

Microeconomics
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?
July 27, 2012 by Preston

economics
Suppose the income tax rate schedule is 0 percent on the first $10,000; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on any income over $70,000. Family A earns $28,000 a year and Family B earns $65,000 a year. ...
June 23, 2009 by Margary

economics
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
August 3, 2010 by bj

Economics/Math
The demand curve for a monopolist is Qd = 500 - P and the marginal revenue function is MR = 500 - 2P. The monoploist has a constant marginal and average total cost of $50 per unit. a. Find the monopolist's profit maximizing output and price b.Calculate the monopolist's profit...
November 8, 2009 by too old

Economics/Algebra
The demand curve for a monopolist is Qd = 500 - P and the marginal revenue function is MR = 500 - 2P. The monopoloist has a constant marginal and average total cost of $50 per unit. a. Find the monopolist's profit maximizing output and price b.Calculate the monopolist's profit...
November 9, 2009 by too old

Economics
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 ...
November 19, 2006 by S.S. Patsa

economics
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: ...
January 22, 2014 by ali

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...
November 6, 2006 by tofu

Economics
. Suppose the demand curve for a monopolist is QD =500 - P, and the marginal revenue function is MR =500 Ė 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. a. Find the monopolistís profit Ė maximizing output and price. b. Calculate the ...
August 23, 2012 by Michelle

math, economics
Consider a market in which consumption of the good being traded generates a positive externality. There are 100 identical consumers, each with a utility function given by 1/2√q+m+√G, where G denotes the total level of consumption in the market. The good is sold by ...
March 24, 2014 by Nick

Economics
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 ...
February 5, 2009 by Carol

Economics
Yeah, so I'm in urgent need of help with this homework. 1. Assume that in a perfectly competitive market, a firm's costs and revenue are: Marginal cost = average variable cost at $20 Marginal cost = average total cost at $30 Marginal cost = average revenue at $25 A) How will ...
October 31, 2007 by Jon

economics
How does a firm calculate marginal cost?
October 29, 2007 by anonymous

ECONOMICS
Q=200-2P so that Marginal Revenue is MR=100-Q.
February 18, 2010 by DEENA

Economics
For the following characteristic say whether it describes a perfectly competitive firm, a monopolistically competitive firm, monopoly firm, or neither. Equates marginal revenue and marginal cost I would think that it would be each one of them since each one uses the Golden ...
December 4, 2006 by Sally

Algebra
83. Minimizing Marginal Cost The marginal cost of a product can be thought of as the cost of producing one additional unit of output. For example, if the marginal cost of producing the 50th product is $6.20, it cost $6.20 to increase production from 49 to 50 units of output. ...
November 3, 2011 by Terry

Economics
A PURE MONOPOLIST SELLS OUTPUT FOR $4 PER UNIT. THE MARGINAL COST IS $3, AVERAGE VARIABLE COSTS ARE $3.75, AND AVERAGE TOTAL COSTS ARE $4.25. THE MARGINAL RVENUE IS $3. WHAT IS THE SHORT RUN CONDITION FOR THE MONOPOLIST AND WHAT OUTPUT CHANGES WOULD YOU RECCOMMEND IN THE ...
June 1, 2008 by Marquerite

Economics (MRS)
What is the marginal rate of substitution for U(x,y) = Ā„xy? ,Ā„(x+y)?
March 19, 2009 by J

Economics
The spirit of equating marginal cost with marginal revenue is not held by a.perfectly competitive firms. b.oligopolistic firms. c.perfectly competitive firms and oligopolistic firms. d.none of the statements associated with this question are correct.
March 20, 2012 by Chris

economics
What is the effective marginal tax rate of a government antipoverty program that guarantees every family a minimum income? Explain. Why might trying several antipoverty benefits to income level lead to an effective marginal tax rate of greater than 100 percent?
November 22, 2014 by BB

Economics
Socrates owns just one ship. The ship is worth $200 million dollars. If the ship sinks, Socrates loses $200 million. The probability that it will sink is .02. Socrates' total wealth, including the value of the ship is $225 million. He is an expected utility maximizer with ...
October 16, 2009 by Salman

Economics
Socrates owns just one ship. The ship is worth $200 million dollars. If the ship sinks, Socrates loses $200 million. The probability that it will sink is .02. Socrates' total wealth, including the value of the ship is $225 million. He is an expected utility maximizer with ...
October 16, 2009 by Salman

economics
What marginal costs does University of Phoenix incur in offering one more ECO/561 class? What marginal revenues does University of Phoenix earn from each additional ECO/561 class? How would you expect this marginal analysis to affect the volume of classes University of Phoenix...
July 10, 2012 by Netsy

economics math
Consider a consumer who has an experienced utility function given by UEU(x,m)=2sqrtx+m. Let q denote the market price of good x, and assume that it remains fixed throughout the problem. The company selling the good x starts an advertisement campagin that has the following ...
January 20, 2014 by manu

economics
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. a.Find the monopolistís profit-maximizing output and price. b. Calculate ...
October 17, 2013 by Em

Marginal Theory Predictions
Quick Question For a consumer that is at consumer equilibrium purchasing normal goods: will an increase to income increase total utility to the consumer?
December 13, 2006 by Dick

advanced math
The marginal cost of a product can be thought of as the cost of producing one additional unit of output. For example, if the marginal cost of producing the 50th product is $6.20, it cost $6.20 to increase productionn from 49 to 50 units of output. Suppose the marginal cost C(...
December 3, 2012 by kristina

economics.Help!!!
How the technical rate of substitution and marginal product are relates and what is their difference?
December 20, 2012 by cat02

economics
The cost function for an enterprise has the following form: TC = 10L + 20K The production function has the form: 4 ln L + 10 K 1/2 a. Derive the mathematical forms of the marginal and average products of capital and labor. How is the marginal product of labor affected by ...
October 28, 2010 by mary

economics
Can someone assist me with these two questions. Thanks A perfectly competitive firm's demand is ____________ elastic and equal to ____________ which is equal to ____________. A firm is allocating 16 hours a day on its assembly line to producing goods A and B, 12 hours to A and...
September 3, 2008 by natalie

Economics
Suppose Fred and Ethel need to divide 20 pizza slices and 10 cans of beverage. Fred's utility function is given by the equation U=Min(Z,B), where Z is the amount of pizza and B is the amount of beverage. Ethel's utility is given by the equation U=Min(1/2Z,B). What are the ...
February 18, 2009 by Brett

economics
if utility=a-b where a and b are 2 goods what does this tell you about the two goods?
October 27, 2009 by marcus

Microeconomics
If the wage exceeds the value of the marginal product of labor, then hiring another worker: A. Decreases the firmís total revenue B. Increases the firmís profit C. Increases the firms total cost D. All of the above are correct I picked A? As a result of severe flooding a ...
October 27, 2008 by G

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