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hi_vis360
November, 2024

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Economist NSers i need your help!

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Flo_Rida_2016
Posts: 2804 - Karma: -5
Will give karma if you answer these questions.

1.Explain how a consumer maximizes total utility. Use Marginal Utility Theory.

2.Mrs. Wilson buys loaves of bread and quarts of milk each week at prices of $1 and 80 cents, respectively.  At present she is buying these two products in amounts such that the marginal utilities from the last units purchased of the two products are 80 and 70 utils, respectively.  Is she buying the utility‑maximizing combination of bread and milk?  If not, how should she reallocate her expenditures between the two goods?

Thanks!
Feb 14 2008 1:11PM
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back_woods
Posts: 1579 - Karma: 10
I'm going to go maximize my utility by not helping you, and taking a shower instead.
Feb 14 2008 1:27PM
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nitsua
Posts: 4631 - Karma: 726
just had that class. i took macro and micro. sucks a lot.
Feb 14 2008 2:11PM
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KZA
Posts: 3304 - Karma: 301
i had both last semester, and then changed my major to econ!
Feb 14 2008 2:32PM
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DJCrazyA
Posts: 946 - Karma: 16
1.Explain how a consumer maximizes total utility. Use Marginal Utility Theory.
A consumer maximizes MU by calculating the MU for each number of each good and picking the right number of each where the MU is maximized.
2.Mrs. Wilson buys loaves of bread and quarts of milk each week at prices of $1 and 80 cents, respectively.  At present she is buying these two products in amounts such that the marginal utilities from the last units purchased of the two products are 80 and 70 utils, respectively.  Is she buying the utility‑maximizing combination of bread and milk?  If not, how should she reallocate her expenditures between the two goods?
No she is not, if she buys more milk, her MU for milk will go up and be equal to the MU for bread.

MU = Marginal Utility
Feb 14 2008 2:35PM
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WikiWiki
Posts: 5584 - Karma: 426
here is a question for you how do we get rid of a 9 trillion dollar debt
Feb 14 2008 2:47PM
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DJCrazyA
Posts: 946 - Karma: 16
1. Stop going to war
2. Spend more instead of saving because your scared
3. Quit buying knock offs and fake shit off of the internet
Feb 14 2008 3:10PM
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KZA
Posts: 3304 - Karma: 301

the amount of debt compared to our gdp is the same if not less than debts from the past and debts around the world. but still

Feb 14 2008 6:02PM
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Line0777
Posts: 532 - Karma: 42
haha i had this stuff in a test today for AP Econ
Feb 14 2008 6:04PM
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