Please show all your work, I'm struggling to know how the problems are worked out. For numerical responses:

Please use at least FOURdecimals when working out a problem and inputting your answer. QUESTION 1

Researchers have investigated the preferences over dinner and they have found that they take the following form:

U = - 0.3 Chicken + 1.5 Steak + 0.01 Fish - 3 Costs

Costs= cost in dollars of the dinner Chicken= amount of chicken in pounds Steak= amount of steak in pounds Fish= amount of fish in pounds What does this tell you about the preferences of consumers over Chicken?

		consumers do not like chicken
		consumers like chicken in small amounts
		consumers like chicken less when they have a large amount of chicken
		consumers like chicken only when they do not have to pay for it

QUESTION 2

Researchers have investigated the preferences over dinner and they have found that they take the following form:

U = - 0.3 Chicken + 1.5 Steak + 0.01 Fish - 3 Costs

Costs= cost in dollars of the dinner Chicken= amount of chicken in pounds Steak= amount of steak in pounds Fish= amount of fish in pounds What is the MRS(chicken,steak)?

		5
		2
		-0.2
		-2
		0.2

QUESTION 3

Researchers have investigated the preferences over dinner and they have found that they take the following form:

U = - 0.3 Chicken + 1.5 Steak + 0.01 Fish - 3 Costs

Costs= cost in dollars of the dinner Chicken= amount of chicken in pounds Steak= amount of steak in pounds Fish= amount of fish in pounds How would you interpret MRS(chicken,cost)?

		the consumer is willing to consume ten more pounds of chicken if the cost of dinner decreases by ten cents.
		the consumer is willing to consume one more pound of chicken if the cost of dinner decreases by ten cents.
		the consumer needs to receive one dollar to consume 0.1 more pounds of chicken
		the consumer is willing to pay three dollars to consume one more pound of chicken

QUESTION 4

Consider the following utility function: U = 5 x1 + 2 x2 Also consider the following bundles: A=(6,6) B=(8,4) C=(4,11) D=(7, 9) E=(9, 3) Which of the following two bundles are located on the same IC?

		D and E
		B and C
		C and A
		B and D
		A and B

QUESTION 5

Researchers have investigated the preferences over dinner and they have found that they take the following form:

U = - 0.3 Chicken + 1.5 Steak + 0.01 Fish - 3 Costs

Costs= cost in dollars of the dinner Chicken= amount of chicken in pounds Steak= amount of steak in pounds Fish= amount of fish in pounds How much is the consumer willing pay to get one more pound of steak?

		2 dollars
		1 dollar
		3 dollars
		50 cents

QUESTION 6

Consider the following utility function: U = min{25 x1, 20 x2} Also, consider the following bundles A= (4, 5) B=(6, 2) C=(7, 4) D=(3, 6) E=(2, 9) Which of the following bundles is on the corner of the IC?

		E
		D
		A
		C
		B

QUESTION 7

1. Consider the following utility function: U = 5 x1 + 2 x2 Also consider the following bundles: A=(6,6) B=(8,4) C=(4,11) D=(7, 9) E=(9, 3) If x1=20, how much of x2 does the consumer has to consume to obtain a utility level of 150?

		50
		300
		170
		25

QUESTION 8

The change in total utility arising from a one-unit increase in consumption of a good is referred to as

		marginal utility
		the principle of diminishing marginal utility
		price
		real income
		average utility

QUESTION 9

Consider the following utility function: U = 5 x1 + 2 x2 Also consider the following bundles: A=(6,6) B=(8,4) C=(4,11) D=(7, 9) E=(9, 3) What is the marginal rate of substitution? (hint: MRS(x1,x2))

		-0.4
		-5
		-2.5
		-3

QUESTION 10

If the ulitity function is: U=56x1 + 82x2 How many units of x₁is the consumer willing to pay to get 6 more unit of x₂? (hint: careful on this one, read it carefully, it is NOT asking you how many units of x₂for one extra unii of x₁. Remember how to obtain the opportunity cost of x₂using MRS.ENTER THIS NUMBER AS POSITIVE!!! NO NEGATIVE NUMBERS!!!!))

QUESTION 11

If the ulitity function is: U=74x₁+ 54x₂ If x₁=18.7, how much of x₂does the consumer has to consume to obtain a utility level of 6355?

QUESTION 12

Researchers have investigated the preferences over dinner and they have found that they take the following form:

U = - 50 Chicken + 246 Steak + 7 Fish - 11 Costs

Costs= cost in dollars of the dinner Chicken= amount of chicken in pounds Steak= amount of steak in pounds Fish= amount of fish in pounds Given this information, how many dollars is the consumer willing to pay to get one more pound of steak?

QUESTION 13

1. If the ulitity function is: U=64x₁+ 30x₂ How many units of x₂is the consumer willing to pay to get 1 more unit of x₁? (hint: remember how to obtain the opportunity cost of x1 using MRS. ENTER THIS NUMBER AS POSITIVE!!! NO NEGATIVE NUMBERS!!!!))

QUESTION 14

Researchers have investigated the preferences over dinner and they have found that they take the following form:

U = - 50 Chicken + 6 Steak + 94 Fish - 147 Costs

Costs= cost in dollars of the dinner Chicken= amount of chicken in pounds Steak= amount of steak in pounds Fish= amount of fish in pounds Given this information, what is MRS(fish,steak)?

QUESTION 15

Researchers have investigated the preferences over dinner and they have found that they take the following form:

U = - 51 Chicken + 14 Steak + 46 Fish - 60 Costs

Costs= cost in dollars of the dinner Chicken= amount of chicken in pounds Steak= amount of steak in pounds Fish= amount of fish in pounds Given this information, what is MRS(chicken,fish)? (be careful with the signs)

QUESTION 16

Researchers have investigated the preferences over dinner and they have found that they take the following form:

U = - 91 Chicken + 5 Steak + 8 Fish - 19 Costs

Costs= cost in dollars of the dinner Chicken= amount of chicken in pounds Steak= amount of steak in pounds Fish= amount of fish in pounds Given this information, what is the marginal utility of fish?

QUESTION 17

If the ulitity function is: U=55x1 + 74x2 If the utility level is 1384, what is the x₂-interceptof the IC?

QUESTION 18

If the ulitity function is: U=61x1 + 33x2 What is the Marginal Rate of Substitution (MRS)? (hint: MRS(x1,x2))

QUESTION 19

If the ulitity function is: U=17x1 + 78x2 If the utility level is 237, what is the x₁-interceptof the IC?

QUESTION 20

Figure 6-6
Quantity of Apples	Total Utility
0	0
1	20
2	34
3	44
4	50

Figure 6-6 shows the total utility that Jerry receives from consuming different numbers of apples per week. What is his marginal utility from the fourth apple ?

QUESTION 21

If the ulitity function is: U=26x1 + 47x2 How many units of x₁is the consumer willing to pay to get one more unit of x₂? (hint: Remember how to obtain the opportunity cost of x₂using MRS. ENTER THIS NUMBER AS POSITIVE!!! NO NEGATIVE NUMBERS!!!!))

QUESTION 22

As Valentina consumers four slices of pizza, her total utility rises from 0 to 8, to 34, to 47, and to 72, respectively. What is her marginal utility of the fourth slice of pizza?

QUESTION 23

Figure 6-6
Quantity of Apples	Total Utility
0	0
1	20
2	34
3	44
4	50

Figure 6-6 shows the total utility that Jerry would receive from consuming different numbers of apples per week. What is Jerry's marginal utility from consuming the second apple after he already consumed the first one?

QUESTION 24

Consider the following utility function:U = min{25 x1, 20 x2}

Also, consider the following bundles

A= (4, 5) B=(6, 2) C=(7, 4) D=(3, 6) E=(2, 9)

What is the utility that the consumer gets from bundle A?

QUESTION 25

If the ulitity function is: U=9x₁+ 25x₂

and considering the following bundles:

A=(35,13) B=(72,45) C=(64,7) D=(67,26) E=(22,12)

How much utility does the consumer get from bundle E?