John gets a weekly allowance of $20 from his parents. The only thing he has a real interest in buying is a big slice of pizza after school for $2 per slice. Below shows his marginal utility for each life consumed (see image).
a) What is the optimal quantity of pizza slices for John to buy? Explain. (For now, completely ignore the funnel cake column).
b) If John purchased 8 slices, what total utility would he enjoy?
c) The school starts selling funnel cakes for $4, which John discovers offers the marginal utility per cake shown on the same table. Complete a table that shows the marginal utility per dollar for each slice of pizza and each funnel cake (separate columns).
d) Assuming John’s parents do not allow him to use any savings, what is his optimal consumption bundle of pizza and funnel cakes? Explain.
e) At John’s optimal consumption bundle, what total utility will he gain?
Answers
The optimal quantity of pizza slices for John to buy is 5 slices.
How to calculate the quantity?From the information given in the diagram, it can be seen that the marginal utility from the consumption of the 6th slice is zero.
In this case, the optimal quantity of pizza slices for John to buy is 5 slices.
When John buys 8 slices, the total utility will be:
= 20 + 12 + 10 + 6 + 2 + 0 - 2 - 6
= 42 utils.
When John’s parents do not allow him to use any savings, his optimal consumption bundle of pizza and funnel cakes is $20.
At John’s optimal consumption bundle, the total utility that he will gain will be:
= (20 + 12) + (50 + 40 + 32 + 20)
= 32 + 142
= 174 utils
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Related Questions
Find and cite evidence of why Central Europe is appealing to manufacturing companies.
Answers
Citing evidence from Sorin Burnete and Lucian Blaga, 2015, the reason why Central Europe is appealing to manufacturing companies is that they often integrate services along with manufacturing.
Why is Europe a home to many manufacturing industries?The factor that is known to explains why Europe is home to many manufacturing industries is that a lot of immigrants to the region are given labor for work in factories.
Therefore, Citing evidence from Sorin Burnete and Lucian Blaga, 2015, the reason why Central Europe is appealing to manufacturing companies is that they often integrate services along with manufacturing.
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Assume that the United States and India enjoy constant opportunity costs in the production possibilities shown in the table.
a) Which country has an absolute advantage in pounds of peanuts?
b) Use the table to calculate the opportunity costs for each good and each country.
c) In which good with the United States specialize, and what range of terms of trade would be acceptable?
d) Draw a PPC for each country, placing pounds of peanuts on the y-axis and pecans on the x-axis.
e) Choose any acceptable terms of trade to plot and label two points on the PPC. Explain how both countries are able to consume be on their individual PPCs.
Answers
The nation that has the absolute advantage in peanuts is India.
How to solve for the absolute advantage of these countriesa. The country that has the absolute advantage in the pounds of peanuts is India. They are able to produce 10 million worth of the product.
b. This is in the attachment
c. From the calculated opportunity costs, India has been shown to have the comparative advantage in peanuts so they have to specialize here.
The US on the other hand has to specialize in pecans because they have the comparative advantage in it.
d) The PPC for each country is a diagram
e. ) The terms of trade would be a pound of peanut for a pound of pec an for the countries.
Based on this the US would produce 10 units for pecans. They would use 5 units and exchange the remaining 5 units of pecans for 5 units of peanuts from India.
India is also going to do likewise.
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Which of the following ideological principles of the Founding Fathers is MOST strongly suggested by the phrase "We the People"?
A
the United States is on its own against all others
B
all people on Earth are connected
C
the Founding Fathers are a replacement for the king
D
the government gets its authority from the people
Answers
Answer:
D) The government gets it's authority from the people
Explanation: The preamble begins "We the People", because it is stating the importance of the people in the United States government. The whole point of the American Revolution is the goal of creating a government that works by the "consent of the governed" and that gives power to the people.
Of course, this would not be stating that the United States is on its own, they make plenty of allies during the Revolution, and the Founding Fathers would never be a replacement for the king, since they are fighting against the idea of a Monarchy.
What are the responsibilities of an executor? Check all that apply.
paying any taxes that are due on the estate
taking inventory of the property and belongings
appraising and distributing the deceased person’s assets
settling any debts that are owed by the deceased
inheriting assets named in a will if the first choice cannot
acting on someone’s behalf if he or she becomes sick or injured
Answers
The responsibilities of an executor include-
paying any taxes that are due on the estatetaking inventory of the property and belongingsappraising and distributing the deceased person’s assetssettling any debts that are owed by the deceased.What is an asset?Any resource that a company or other economic body owns or controls is considered to be an asset. Assets indicate ownership value that may be sold for money.
An executor helps to pay due taxes, record an inventory of the deceased person's as well as their assets, and manage his debts.
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Naomi's good friend tells Naomi that she has an opportunity for her to make some extra money. Her friend asks Naomi for $100 and tells her she will get back $250 by the end of the week. Naomi doesn't ask for specific details but gets the impression that the opportunity is not on the "up and up." Reflection Questions: Does Naomi have a responsibility to make sure she understands the specific details of the opportunity before deciding whether to lend her money? Explain why or why not. Should Naomi lend her friend $100 with the promised return of $250? Explain why or why not. Explain how Naomi's decision in Question 2 demonstrates a pre-conventional, conventional, or post-conventional level of moral reasoning in complete sentences.
Answers
Yes, Naomi has a responsibility to understand the specific details of the opportunity before deciding whether to lend her money because ignorance is not an excuse.
What is Due Diligence?This refers to the comprehensive appraisal of a business with the aim of evaluating its potential and assessing its risks.
Hence, we can see that if Naomi is a risk taker, she can lend her friend $100 with the promised return of $250, as far as she has a high-risk tolerance.
The decision of Naomi to lend the money if she is a risk taker can be classified as the post-conventional level of moral reasoning because she has moved beyond the perspective of her society.
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Answer:
1. Does Naomi have a responsibility to make sure she understands the specific details of the opportunity before deciding whether to lend her money? Explain why or why not.
Yes, she does, it is true that before deciding to lend her friend the money, Naomi would be responsible for making an effort to comprehend the details of this contract.
2. Should Naomi lend her friend $100 with the promised return of $250? Explain why or why not.
Yes because not only would Naomi earn a bit of money she would be helping her friend that asked for her help, this could make their relationship stronger and if more significant and better business opportunities come up in the future they can trust each other.
3. Explain how Naomi's decision in Question 2 demonstrates a pre-conventional, conventional, or post-conventional level of moral reasoning in complete sentences.
I would consider her response somewhere between pre-conventional and conventional. In stage 2 of pre-conventional reasoning states that the individual considers the value of exchange. in stage 3 of conventional reasoning, it says that the expectations of others drive behavior. Since Naomi is doing this to benefit both her and her friend I would say its both.
Pls help asap
Historically, dairy farming has differed from other forms of agriculture because...
1. it relied exclusively on animals.
2. farmers sold goods directly to consumers.
3. it needed to occur near urban areas.
4. processing was required for consumption.
5. it occurred only in developed countries.
Answers
Answer: 3: it needed to occur near urban areas
Explanation:
- I’m assuming this is APHG Unit 5 or something similar
- Most farmers were usually further away from the city because land was cheaper the further it was. However, dairy farmers had to have land closer to urban areas/the markets.
- Other farmers could use the land further from the city because the products they made profit from were not perishable or not highly perishable. Dairy farmers had to be close to the markets (or urban areas) because all of their products were extremely perishable and needed to be accessible to consumers as quickly as possible.
- this has changed a little in recent years as technology has advanced and resources such as refrigerated trucks have appeared but overall, they are still close to the markets/urban areas
hope this helps :)
Does a change in consumer's incomes lead to a movement along the demand curve or a
shift in the demand curve?
Answers
Answer:
shift in demand curve
Explanation:
Why are Asteroids, Meteoroids and Comets known as Vagabonds?
Answers
Answer:
“Vagabonds” is just a catch-all phrase used to denote smaller debris in the solar system from the planets and moons.
Explanation:
See this link: https://www.quora.com/Where-are-asteroids-meteoroids-and-comets-known-as-vagabonds-located-in-our-solar-system-Is-Earth-safe-from-these-Vagabonds
Annie's team has just finished a major project and the team has, after a long time, got some free time on hand. however, in the last couple of days, annie has noticed that few of the team members are immersed in online social networking sites during office hours. what is the least effective responsive?
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What group made up the largest,
ethnic minority in Germany during
the 19th century?
A. French
B. Italians
C. Hungarians
D. British
Answers
Answer:
if im right its french.
Explanation:
hope this helps?
HELP ASAP
economics question
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$800 billion Is the equilibrium real gross domestic product if initial equilibrium real gross domestic product is $500 billion.
What is gross domestic product?GDP calculates the monetary value of the final goods and services, those purchased by the consumer produced in a nation during a specific time period. It accounts for all the output produced inside a nation's boundaries.
Thus, option B is correct.
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7. You and your friend from high school were once very similar people, and growing up you had similar backgrounds. Now you are 25, and as you talk to each other, you both realize that you have become very different people. In behavior there are both dimensions of development and themes of development. Explain one of the dimensions of development and how it might apply to the above situation, and explain and give an example of one of the themes of development.
Answers
The dimensions of development that i will talk about in regards to the above is openness.
What is friendship about?Friendship is known to be a kind of relationships that is said to lack any kind of formal structure and it is one where people have to interact.
The term openness in personality is known to be when people are said to be be high in regards to trait of openness and they are said to be very willing to take in new things, fresh ideas, and others and this is one that is needed in friendship.
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In his painting "Lady Liberty Leading
the People", Eugene Delacroix
conveys the importance of (a)
A. the primacy of France over the dead and the
living
B. uninhibited freedom of speech
C. nationalist ideal
D. well-armed society
Answers
Answer:
B. uninhibited freedom of speech
Explanation:
Part A Did Sarah create the boxplot correctly? Why or why not? Be sure to address the key features of a boxplot (4 points) Part B. Which of these displays would be best to use to analyze these data? Explain your choice (6 points
Answers
Sarah did not create the boxplot correctly
The key features of a boxplotThe features of a boxplot are the five number summary, which are:
MinimumQuartiles (Lower and Upper)MedianMaximumThere should be vertical lines at the end and the start of the plot to indicate the minimum and the maximum values.
Also, these lines would show the boundaries of the outliers in the dataset
Hence, Sarah did not create the boxplot correctly
The display that best analyze the dataThe boxplot, if drawn properly is the best to analyze the data.
This is so because it would be easy to determine the Minimum, Quartiles (Lower and Upper), Median and Maximum from the plot
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Explain how supply change and affect price
Answers
Answer:
The law of supply and demand is an economic theory that explains how supply and demand are related to each other and how that relationship affects the price of goods and services. It's a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demand exceeds supply, prices tend to rise
Explanation:
Resources that will eventually run out are _____ .
Answers
Answer:
Fossil fuels, Bees, Clean water
Explanation:
As far as age group go, the worst crash rate involving facilities is the age group of drivers
Answers
Answer:
Who is most at risk? Drivers aged 70+ have higher crash death rates per mile driven than middle-aged drivers (aged 35-54). Higher crash death rates among this age group are primarily due to increased vulnerability to injury in a crash.
Answer: Ages 19 and younger
Explanation:
What is one original criticism of kant you can think of? what is one reason to agree with kant?
Answers
An original criticism is that Kantian ethics is said to be doomed to be nothing or empty and also rigidly same in terms of its prescriptions and it is one where the complaints cannot be seen as true.
What is the good thing according to Kant?We need to look into them on equal moral ground based on the will that is behind their actions.
The only thing that is good and one that is without qualification is said to be good will and that was what Kant says and this is what i agree with.
Hence, An original criticism is that Kantian ethics is said to be doomed to be nothing or empty and also rigidly same in terms of its prescriptions and it is one where the complaints cannot be seen as true.
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Each week, Antonia goes to a nature preserve that charges $3 admission, but her mom pays, so it is free for her. She asked permission to buy a pocket knife from the trail shop so she can practice whittling, but your mom will not allow the purchase. Here is the anticipated for each good (see image).
a) Antonia’s grandfather comes to town and offers to pay for as many pocket knives as she wants. How many should she buy? Explain.
b) What is the marginal utility of her first visit to the preserve?
c) Antonia’s mom makes her return all the pocket knives, so she’s back to zero. Antonia will now pay for her own preserve visits ($3). All the pocket knives are $5. Complete a table that shows the marginal utility per dollar for Antonia’s potential preserve visits and pocket knife purchases.
d) For her birthday, Antonia’s mom gives her $20. She says that she is now mature enough to buy pocket knives, but she also most must purchase admission to the Preserve on her own. She buys as many preserve visits and pocket knives as she can. What is her optimal consumption bundle for visits and pocket knives? Explain.
e) Does Antonia have any birthday money left?
Answers
This questions seeks to test the students ability to understand Marginal Utility. See the explanation below.
What is Marginal Utility?This refers to the extra amount of satisfaction derived from consuming an extra unit of a good, or service.
Antonia’s grandfather comes to town and offers to pay for as many pocket knives as she wants. How many should she buy?She should request one because the initial preserve visit is limited to one.
What is the marginal utility of her first visit to the preserve?Recall our definition above. Marginal means extra. Given that it was her first visit, the marginal utility will be equal to the total utility given that it was zero before she visited the preserve. Hence, it is equal 42.
She buys as many preserve visits and pocket knives as she can. What is her optimal consumption bundle for visits and pocket knives?Her ideal or optimal consumption is sufficient for two preserve visits. She paid $13 for the admittance fee and two pocket knives.
Does Antonia have any birthday money left?Yes, She has She only has $7 left after paying the $3 admittance charge and the $10 for the two pocket knives.
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Pretend you are Rossano Ferretti giving advice to a friend who wants to become a hair stylist. In 2-3 sentences explain
to your friend how he overcame the traditional supply and demand in labor to be a millionaire.
Answers
According to Rossano Ferretti, his unique value proposition was to learn what each hear needed and proceed to give that to it. Here are some other tips that helped him succeed below.
What are the strategies that Rossano used to overcome the traditional supply and demand in labor to be a millionaire?He focused on the trade.He started at the age of 14 when he enrolled into hair-dressing school.He also focused on influencers, celebrities and socialites. And while doing their session, he took notes of all the things he did that was successful.This helped him to create a brandHe opened his business in some of the major cities in the world such as: Abu Dhabi, Madrid, New Delhi, New York etc.His secret is branding and charging high rather than being generic and charging low.
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