Beer and Steak Medallions Number 1 You are given the data in the table below. First complete the table knowing the prices are: Price of beer = $4.00 Price of steak =$6 Column1 Column2 Column3 Column4 Column5 Columnb Column7 Column8 Column? Column10 income =$32 Steak Beer Pb = $4 4 medallion Psm=$6 Pam=$10 Quantity TU MU MU/P Quantity TU MU MU/P MU/P X X 0 0 X X X 1 32 32 8 1 72 72 12 7.2 2 60 28 132 60 10 6 3 84 24 6 3 186 54 9 5.4 104 20 5 228 42 4.2 5 124 20 5 264 36 6 3.6 132 8 2 288 24 4 2.4 7 136 4 1 7 306 18 3 1.8The bundle that will maximize this consumer's utility is 2_ beers and 4 steak medallions, assuming they spend their entire income. When purchasing this bundle they will have a utility level of 228 + 60 =288 Now the price of $10, repeat the above procedure The bundle that will maximize this consumer's utility is 3_beers and 2 steak medallions, assuming they spend their entire income. When purchasing this bundle they will have a utility level of _84 +132= 216 then. Draw the demand curve for your product below, label the axes as well: $10 $6 2 qty steak$10 $6 2 qty steak This study source wins downloaded by 100000760919363 from CourseHero.com on 01-13-2022 21:50:55 GMT -06:00 https:/www.coursehero.com/file/32198784/Utilty-PS-3-answersI doex/ Circle and fill in the blank As the price increased/ decreased the utility level increased / decreased. The utility level increased/decreased by 72_Take Test: problem set 5z Submission form Utility * Test Information Description Complete Problem set 5 pertaining to utility. Use your work on this problem set to answer the questions on this form. You may open this form three times before the 11:59PM EST deadline (see Calendar for the due date). Your score will be taken from your highest attempt. Instructions Multiple This test allows 3 attempts. This is attempt number 1. Attempts Force This test can be saved and resumed later. Completion Your answers are saved automatically. * Question Completion Status: QUESTION 1 1.5 points Save Answer Look at the table you filled out on Problem set five. The marginal utility (MU) of the second beer is equal to (numeric) utils.* Question Completion Status: QUESTION 1 1.5 points Save Answer Look at the table you filled out on Problem set five. The marginal utility (MU) of the second beer is equal to (numeric) utils. QUESTION 2 1.5 points Saved Look at the table you filled out on Problem set five. The marginal utility per dollar(MUb/Pb) of the third beer is equal to (numeric) utils. 84 QUESTION 3 1.5 points Save Answer Look at the table you filled out on Problem set five. The marginal utility per dollar (MUb/Pb) of the fifth beer is equal to (numeric) utils. QUESTION 4 1.5 points Save AnswerQuestion Completion Status: QUESTION 4 1.5 points Save Answer Look at the table you filled out on Problem set five. The total utility (TU) of consuming 4 beers is equal to (numeric) utils. QUESTION 5 1.5 points Save Answer Look at the table you filled out on Problem set five. The marginal utility (MU) of the fifth beer is equal to (numeric) utils. QUESTION 6 1.5 points Save Answer Look at the table you filled out on Problem set five. The total utility (TU) of the first steak medallion is equal to (numeric) utils. QUESTION 7 1.5 points Save Answer Look at the table you filled out on Problem set five. The marginal utility per dollar (MUs/Ps) of the second steak medallion is equal to* Question Completion Status: QUESTION 7 1.5 points Save Answer Look at the table you filled out on Problem set five. The marginal utility per dollar (MUs/P5) of the second steak medallion is equal to (numeric) utils (when the price is $6). QUESTION 8 1.5 points Save Answer Look at the table you filled out on Problem set five. The marginal utility per dollar (MUs/Ps) of the fifth steak medallion is equal to (numeric) utils(when the price is $6). QUESTION 9 1.5 points Save Answer Look at the table you filled out on Problem set five. The Total utility (TU) of the five steak medallions is equal to (numeric) utils. QUESTION 10 1.5 points Save Answer* Question Completion Status: QUESTION 10 1.5 points Save Answer Look at the table you filled out on Problem set five. The marginal utility (MU) of the third steak medallion is equal to (numeric answer). QUESTION 11 1.5 points Saved Moe's consumption of beer follows the law of diminishing marginal utility. O True O False QUESTION 12 1.5 points Saved Moe's consumption of steak medallions follows the law of diminishing marginal utility O True O False QUESTION 13 1.5 points Save Answer* Question Completion Status: QUESTION 13 1.5 points Save Answer To maximize his utility given his income of $32 and the price of beer is $4 per unit and the price of a steak medallion is $6, Moe will purchase (numeric answer) beers. QUESTION 14 1.5 points Save Answer To maximize his utility given his income of $32 and the price of beer is $4 per unit and the price of a steak medallion is $6, Moe will purchase (numeric answer) steak medallions. QUESTION 15 1.5 points Save Answer The utility maximizing combination of beer and steak medallion for Moe will give him a level of total utility of (numeric answer) utils. QUESTION 16 1.5 points Save Answer* Question Completion Status: QUESTION 16 1.5 points Save Answer Now look at the table you filled out. Now that the price of a steak medallion has risen to $10 per unit and the price of beer has remained at $4 per beer, Moe will maximize his utility by purchasing (numeric answer) beers. QUESTION 17 1.5 points Save Answer Now look at the table you filled out. Now that the price of a steak medallion has risen to $10 per unit and the price of beer has remained at $4 per beer, Moe will maximize his utility by purchasing (numeric answer) steak medallions. QUESTION 18 1.5 points Save Answer Now look at the table you filled out. Now that the price of a steak medallion has risen to $10 per unit and the price of beer has remained at $4 per beer,. When Moe buys the combination of beer and steak medallions that maximizes his utility he will reach a level of total utility (TU) equal to (numeric answer) utils.QUESTION 19 1.5 points Saved Look at the demand curve you have drawn depicting Moe's demand for steak medallions. When the price of steak medallions is $6 he is able and willing to buy . (numeric answer) steak medallions. 5 QUESTION 20 1.5 points Saved Look at the demand curve you have drawn depicting Moe's demand for steak medallions. When the price of steak medallions is $10 he is able and willing to buy (numeric answer) steak medallions. 2