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goldfiish [28.3K]
3 years ago
15

The first Pepsi yields Craig 18 units of utility and the second yields him an additional 12 units of utility. His total utility

from three Pepsis is 38 units of utility. The marginal utility of the third Pepsi is:__________
A) 26 units of utility.
B) 6 units of utility.
C) 8 units of utility.
D) 38 units of utility.
Business
1 answer:
Ilia_Sergeevich [38]3 years ago
5 0
<h3>Answer:</h3>

C) 8 units of utility.

<h3>Explanation:</h3>
  • Marginal utility refers to the change in the total utility that is achieved from the consumption of one more unit of good.
  • It is calculated by getting the change in total utility and dividing it by the change in the number of units consumed.

In this case;

First yields = 18 units

Second yields = 18 + 12 units = 30 Units

Third yields =  38 units

Therefore;

Marginal unit = 38 units - 30 units

                      = 8 units

Therefore, marginal utility is 8 units of utility.

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The demand and supply functions for basic cable TV in the local market are given as: Calculate the consumer and producer surplus
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Answer: Hello your question is poorly written attached below is the complete question

answer:

a) Cs = 800,000 ,  Ps = 1,500,000

b) Cs = 1437500,  Ps = 525,000

Explanation:

Demand function ( Qd ) = 200,000 - 4000 P

supply function ( Qs ) = 20,000 + 2000 P

at equilibrium :  200,000 - 4000P = 20,000 + 2000P

therefore ; P = 180,000 / 6000 = 30

Q = 20,000 + 2000 ( 30 ) = 80,000

<u>a) Determine consumer and producer surplus in the market</u>

consumer surplus ( Cs ) This is the area above the price and below the demand curve  = 1/2 * ( 50 - 30 ) 80,000 = 800,000

producer surplus ( Ps ) This is the area above supply and below price

= 30 * ( 80,000 ) -  1/2 (80,000 - 20,000 ) (30)

= 1,500,000

<u>b) Determine the new levels of consumer and producer surplus with a price ceiling of $15 </u>

Pc (ceiling price ) = $15

Qd = 200,000 - 4000 ( 15 )  = 140,000

Qs = 20,000 + 2000 ( 15 ) = 50,000

∴ New consumer surplus = area ( a , Pc, b, d )

= ( 30 - 15 ) (50,000) + 1/2(50-30) (80,000) - 1/2 (80,000 - 50,000 ) (37.5 - 30)

   = 1437500

New producer surplus = area ( Pc , b, e 0 )

= ( 15 ) ( 50000) - 1/2 ( 50,000 - 20,000 ) (15)

= 525,000

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= 40-10/(40+10)/ 2 = 30 /25 = 1.2 x 100 =120%

Percentage change in price  = new price   - old price   / new price + old price)/2   x 100

= 1- 2 / (1+2)/2= -1/1.5x 100 = -66.67 %

Price elasticity of Demand =percentage change in quantity demanded/ Percentage change in price.

= 120%/-66.67%= -1.79 = -1.8

For Price elasticity of demand, the sign is not included and the basis for elasticity is on the value itself . here we can conclude that the Price elasticity of demand for Dunkin donut is 1.8 and elastic because a fall in price led to an increase in amount being sold.

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