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ECO 100 University of Sharjah Microeconomics Question

Question Description

I’m working on a economics question and need an explanation to help me understand better.

Managerial Economics ECO100

Assignment 2 – Spring 2021

Instructions:

pls make no high plagiarism

1-Answer the following questions and submit your answer in excel file.

2-The assignment counts for 10% of the total grade.

Question One:

Using excel sheet, answer the following question and submit the answer in excel file.

Quantity

Total Utility of chips

Total Utility of coke

Marginal utility of chips

Marginal utility of chips per dollar

Marginal utility of coke

Marginal utility of coke per dollar

1

25

35

2

45

60

3

61

80

4

75

91

5

88

100

6

100

108

7

111

114

8

121

119

9

129

123

10

135

126

Elli enjoys chips and coke and spends $64 a month on them. The table shows the utility she gets from each good.

1- What does utility schedule tells about Elli’s preference.

2- calculate the utility maximization combination when chips price is $5 and coke is $4.

3- calculate the utility maximization combination when:

a. If price of chips drops to $4 and price of coke is $4 and budget is $60

b. If price of coke increase to $5 and price of chips is $5 and budget is $55

1. Mary enjoys classical CDs and travel books and spends $50 a month on them. The table shows the utility she gets from each good.

Quantity per month

Total utility from classical CDs

Total utility from travel books

1

30

30

2

40

38

3

48

44

4

54

46

5

58

47

a. Compare the two utility schedules. What do the two utility schedules tell you about Mary’s preferences?

b. If a classical CD and a travel book cost $10 each, how does Mary spend the $50 a month?

thank you

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