If the price of good B is $4, the price of good C is $3, the price of good D is $1, and the price of all other goods and services is $5, what is the marginal utility of each of the goods Mary is purchasing?
If Mary has chosen to keep $10 in savings, what is the ratio of MU to P for savings?
Using the following utility schedule, derive a demand curve for pizza.
Pizza Total Utility Beer Total Utility
1 200 1 500
2 380 2 800
3 540 3 900
4 600 4 920
5 630 5 930
Assume income is $10, the price of each slice of pizza is $1, and the price of each glass of beer is $2.
Then change the price of pizza to $2 per slice.
Now change income to $12 and derive a demand curve for pizza.
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This question was asked on Apr 26, 2010.
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