We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

The progress of studies Essay Sample

The whole doc is available only for registered users OPEN DOC
• Pages:
• Word count: 1058
• Category: education

Get Access

The progress of studies Essay Sample

?Section 3 1- The word “utility” means a) quantity demanded. c) demand. b) benefit or satisfaction. d) goal. 2- The benefit that John gets from eating an additional grape is called the a) quantity demanded. c) demand. b) total utility. d) marginal utility. 3- Marginal utility is the change in total utility that results from a) an increase in the consumer’s income. b) a one-unit change in the quantity of a good consumed. c) a decrease in the price of the good. d) an increase in the price of the good. – If the total utility of 2 bags of chips is 25, the total utility of 3 bags is 33, and the total utility of 4 bags is 40 units, then the marginal utility of the 3rd and 4th bags are a) 12. 5 and 11, respectively. b) 8 and 7, respectively. c) 11 and 10, respectively. d) 33 and 40, respectively. 5- Diminishing marginal utility means that an increase in the consumption of a good leads to a) an increase in marginal utility. b) an increase in the consumer’s budget. c) a decrease in marginal utility. d) a decrease in total utility. 6- State whether the following statements are true or false. Justify your answer. ) Total utility of X decreases as we increase consumption of X. False b) Marginal utility represents total utility divided by the quantity consumed. False c) If Total utility increases from 100 to 110 as I increase my consumption of X by 1 unit then MU must be 10. True 7- The table above gives Matt’s utility from consuming slices of pizza. His marginal utility from the 3rd slice is a) 9 units. c) 11 units. b) 5 units. d) 27 units. 8- The table above gives Matt’s utility from consuming slices of pizza. His marginal utility from the 4th slice is a) 30 units. c) 7. 5 units. b) 23. 5 units. d) 3 units. – The table above gives Matt’s utility from consuming slices of pizza. As Matt consumes more slices of pizza, he a) obtains less total utility. b) has diminishing total utility. c) has unchanging marginal utility. d) has diminishing marginal utility. 10- All other things being equal, it is assumed that the consumer always prefers ___________ of a commodity than ____________.

Marginal Utility of cola Units of pretzels Marginal Utility of pretzels 1 40 1 30 2 32 2 20 3 24 3 16 4 16 4 12 5 12 5 6 Assume the price of cola is \$4 per unit and the price of pretzels is \$2 per unit. a) What is the condition of maximizing consumer’s utility? b) What is the optimal combination of these goods? Jim spends all his income on pizza and burgers. Currently, he is maximizing his utility, and the marginal utility of pizza is 200 and the marginal utility of burgers is 150. If pizza costs \$6 per unit, how much do burgers cost?

We can write a custom essay

Order an essay

You May Also Find These Documents Helpful

US Education vs European Education

Analyzing from the world university rankings compiled by the time's organization, almost half of the best universities in the world are located in the US and Europe. This is mostly due to the fact that they have a high regard for education, have access to the best research facilities and have rich intellectual culture. The aim of this paper is to analyze the education systems...

Differentiate between education management and education leadership For education to achieve its set objectives and mission, there must be people whom fore sees the implementation and dissemination of the set objectives. A leader must inspire while a managers brings about transformation. There are many differences between manager and leaders which includes: Leadership inspires change in education, managers manages transformation in education A leader must set...

Competency Differences in Nursing Education levels

During the Crimean war (1853 to 1856), Florence nightingale experienced the positive impact that a trained nurse can have on patient care. Her experience lead to her creating the nightingale training school for nurses at St. Thomas‘s hospital in London in 1860. The nursing education model she advocated for was based on apprenticeship, where women were trained in hospitals. The nightingale model of apprenticeship was...

Education and training to become a Solicitor

The education and training for Solicitors and Barristers is a lengthy and expensive career choice, even before you have qualified as either profession, educational fees are extremely high starting with Universities fees at “? 9,250 per year” so after the 3 years, the total of just the course alone will cost 27,750 and this total does not include any grants you have received from the...

The education reform

Education is the most vital element that a person should possess. It can be obtained directly for example at home, in school and in religious place and, indirectly while seeing films and, experience from life. In every country education is the key issue of the government to provide better knowledge to the young generation. Whitty and Wisby, 2016 states that changes in goverance arrangements for...

Essays 57,092

300+
Materials Daily
100,000+ Subjects
2000+ Topics
Free Plagiarism
Checker
All Materials
are Cataloged Well

Sorry, but copying text is forbidden on this website. If you need this or any other sample, we can send it to you via email.

Sorry, but only registered users have full access

immediately?

Become a member

Thank You A Lot!

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?

Can't find What you were Looking for?