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The total utility Joseph derives from eating pizza

Question # 00608424
Subject: Economics
Due on: 10/27/2017
Posted On: 10/27/2017 01:30 PM

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  1. The table shows the total utility Joseph derives from eating pizza in the evening while studying.
  2. Pieces of pizza/eveningTotal Utility00130248360470578680776
  3. How much marginal utility does Joseph derive from the third piece of pizza?
  4. After eating how many pieces of pizza does marginal utility start to decline?
  5. If the pizza were free, what is the maximum number of pieces Joseph would eat in an evening?
  6. On separate diagrams, construct Joseph's total utility and marginal utility curves for pizza. Does the law of diminishing marginal utility hold? How do you know?
  7. Suppose the marginal utility of good A is 20 and its price is $4, and the marginal utility of good B is 50 and its price is $5. The individual to whom this information applies is spending $20 on each good. Is he or she maximizing satisfaction? If not, what should the individual do to increase total satisfaction? On the basis of this information, can you pick an optimum combination? Why or why not?
  8. John and Marie settle down to watch the evening news. Marie is content to watch the entire program, while John continually switches channels in favor of possible alternatives. Draw the likely marginal utility curves for watching the evening news for the two individuals. Whose marginal utility curve is likely to be steeper?
  9. Li, a very careful maximizer of utility, consumes two services, going to the movies and bowling. She has arranged her consumption of the two activities so that the marginal utility of going to a movie is 20 and the marginal utility of going bowling is 10. The price of going to a movie is $10, and the price of going bowling is $5. Show that she is satisfying the requirement for utility maximization. Now show what happens when the price of going bowling rises to $10.
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The total utility Joseph derives from eating pizza

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Posted On: 10/27/2017 01:31 PM
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