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CHAPTERS 7, 8, 9
(7) The Analysis OF Consumer Choice, (8) Production and Cost, (9) Competitive Markets for Goods and Services + Review

CHAPTERS 7, 8, 9
(7) The Analysis OF Consumer Choice, (8) Production and Cost, (9) Competitive Markets for Goods and Services + Review

The City College of New York
Microeconomics
The City College of New York
Microeconomics

Ramon E. Almendarez
Date: 10/27/14
Dr. Jonatan Jelen
Principles of Microeconomics

Questions NP #4 Chapter 7

Li, a very careful maximizer of utility, consumes two services, going to the movies and bowling. She has arranged her consumption of the two activities so that the marginal utility of going to a movie is 20 and the marginal utility of going bowling is 10. The price of going to a movie is $10, and the price of going bowling is $5. Show that she is satisfying the requirement for utility maximization. Now show what happens when the price of going bowling rises to $10.

The price of going to the movies is $10 The price of going to bowling is $5 And she only have $20 She can go one time to the movies and two times to bowling That is equal to 1 x 10 =10 and 2 x 5 = 10 total will be $20

In the case of the price of bowling rises to $10, she now only have the opportunity to go to the movies once and bowling to. Question NP #4 Chapter 8
The table below shows the total cost of cleaning classrooms: Classrooms cleaned per evening | 0 | 3 | 7 | 12 | 16 | 17 | Total cost | $100 | $200 | $300 | $400 | $500 | $600 | 1. What is the average fixed cost of cleaning three classrooms?
The average fixed cost of cleaning 3 classrooms is $67
AFC $2003 classrooms =$67 2. What is the average variable cost of cleaning three classrooms?
The average variable cost is 0

3. What is the average fixed cost of cleaning seven classrooms?
The average fixed cost of cleaning 7...

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