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/** CYU 10-1 **/
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-1-1a'] = "Consuming a unit that generates negative marginal utility leaves the consumer with lower total utility than not consuming that unit at all. A rational consumer, a consumer who maximizes utility, would not do that. For example, from Figure 10-1 you can see that Cassie receives 64 utils if she consumes 8 clams; but if she consumes the 9th clam, she loses a util, netting her a total utility of only 63 utils. So whenever consuming a unit generates negative marginal utility, the consumer is made better off by not consuming that unit, even when that unit is free.";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-1-2a'] = "Since Marta has diminishing marginal utility of coffee, her first cup of coffee of the day generates the greatest increase in total utility. Her third and last cup of the day generates the least.";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-1-3a'] = "Mabel does not have diminishing marginal utility of exercising since each additional unit consumed brings more additional enjoyment than the previous unit.";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-1-3b'] = "Mei does not have diminishing marginal utility of albums because each additional unit generates the same additional enjoyment as the previous unit.";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-1-3c'] = "Dexter has diminishing marginal utility of restaurant meals since the additional utility generated by a good restaurant meal is less when he consumes lots of them than when he consumed few of them.";
/** CYU 10-2 **/
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-2-1a'] = "The accompanying table shows the consumer’s consumption possibilities, A through C. These consumption possibilities are plotted in the accompanying diagram, along with the consumer’s budget line, BL.
Consumption bundle | Quantity of popcorn (buckets) | Quantity of movie tickets |
---|
A | 0 | 2 |
B | 2 | 1 |
C | 4 | 0 |
";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-2-1b'] = "The accompanying table shows the consumer’s consumption possibilities, A through D. These consumption possibilities are plotted in the accompanying diagram, along with the consumer’s budget line, BL.
Consumption bundle | Quantity of underwear (pairs) | Quantity of socks (pairs) |
---|
A | 0 | 6 |
B | 1 | 4 |
C | 2 | 2 |
D | 3 | 0 |
";
/** CYU 10-3 **/
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-3-1a'] = "From Table 10-3 you can see that Sammy’s marginal utility per dollar from increasing his consumption of clams from 3 pounds to 4 pounds and his marginal utility per dollar from increasing his consumption of potatoes from 9 to 10 pounds are the same, 0.75 utils. But a consumption bundle consisting of 4 pounds of clams and 10 pounds of potatoes is not Sammy’s optimal consumption bundle because it is not affordable given his income of $20; 4 pounds of clams and 10 pounds of potatoes costs $4 × 4 + $2 × 10 = $36, $16 more than Sammy’s income. This can be illustrated with Sammy’s budget line from panel (a) of Figure 10-3: a bundle of 4 pounds of clams and 10 pounds of potatoes is represented by point X in the accompanying diagram, a point that lies outside Sammy’s budget line. If you look at the horizontal axis of panel (a) of Figure 10-3, it is quite clear that there is no such thing in Sammy’s consumption possibilities as a bundle consisting of 4 pounds of clams and 10 pounds of potatoes.
";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-3-2a'] = "Sammy’s maximum utility per dollar is generated when he goes from consuming 0 to 1 pound of clams (3.75 utils) and as he goes from 0 to 1 pound of potatoes (5.75 utils). But this bundle consisting of 1 pound of clams and 1 pound of potatoes generates only 26.5 utils for him. Instead, Sammy should choose the consumption bundle that satisfies his budget constraint and for which the marginal utility per dollar for both goods is equal.";
/** CYU 10-4 **/
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-4-1a'] = "Since spending on orange juice is a small share of Clare’s spending, the income effect from a rise in the price of orange juice is insignificant. Only the substitution effect, represented by the substitution of lemonade in place of orange juice, is significant.";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-4-1b'] = "Since rent is a large share of Delia’s expenditures, the increase in rent generates a significant income effect, making Delia feel poorer. Since housing is a normal good for Delia, the income and substitution effects move in the same direction, leading her to reduce her consumption of housing by moving to a smaller apartment.";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-4-1c'] = "Since a meal ticket is a significant share of the students’ living costs, an increase in its price will generate a significant income effect. Because cafeteria meals are an inferior good, the substitution effect (which would induce students to substitute restaurant meals in place of cafeteria meals) and the income effect (which would induce them to eat in the cafeteria more often because they are poorer) move in opposite directions.";
xBookUtils.showAnswers['kwmodsmicro3eupdates-cyu-10-4-2a'] = "In order to determine whether any good is a Giffen good, you must first establish whether it is an inferior good. In other words, if students’ incomes decrease, other things equal, does the quantity of cafeteria meals demanded increase? Once you have established that the good is an inferior good, you must then establish that the income effect outweighs the substitution effect. That is, as the price of cafeteria meals rises, other things equal, does the quantity of cafeteria meals demanded increase? Be careful that, in fact, all other things remain equal. But if the quantity of cafeteria meals demanded truly increases in response to a price rise, you really have found a Giffen good.";
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