ECO101H1 Midterm: 101 review
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Find the utility-maximizationcombination of movies and books with the following data.
Price of movie = $4; Price of Book=$2; Income=$20
Quantity | Marginal Utility | |
Movies | Books | |
1 | 54 | 24 |
2 | 48 | 18 |
3 | 42 | 14 |
4 | 36 | 10 |
5 | 33 | 6 |
6 | 27 | 4 |
7 | 18 | 2 |
Find the utility-maximization combination of movies and books with the following data.
Price of movie = $3; Price of Book=$2; Income=$22
|
Quantity |
Marginal Utility |
|
|
Movies |
Books |
|
|
1 |
54 |
20 |
|
2 |
48 |
18 |
|
3 |
42 |
14 |
|
4 |
36 |
10 |
|
5 |
33 |
6 |
|
6 |
27 |
4 |
|
7 |
18 |
2 |
Based on the table below, calculate the consumer surplus for each consumer when the price is $17. What is the total consumer surplus at this price?
| Buyers | Willingness to pay for one unit |
| A | $6 |
| B | $27 |
| C | $13 |
| D | $21 |
| E | $33 |
| F | $35 |
| G | $12 |
| H | $13 |
| I | $22 |
