Exam 5: Demand

Suppose Suzanne allocates her spending on apples and bananas according to the rational spending rule. If the price of apples is less than the price of bananas, then at Suzanne's optimal consumption bundle, her marginal utility from apples will be:

Sven likes to water ski, but can only water ski during the one week each year when he is on vacation. Therefore, he plans to ski every day, for eight hours a day. The first day, Sven skied for eight hours and enjoyed every hour. The second day, Sven slept in and then skied for seven hours, which was fun but not as much fun as the first day. The third day, Sven skied for six hours, but was starting to get a bit bored by the end. The fourth day, Sven skied for four hours and then took a nap. On the fifth day of Sven's vacation, Sven went blueberry picking all day. Sven's total utility ________ with each hour that he skied.

Suppose the market for shoes consists of three consumers. The accompanying table shows the quantity demanded at various prices for each consumer: Price Per Pair Pairs Demanded by Pat Pairs Demanded by Leigh Pairs Demanded by Chris \ 100 1 0 \ 75 0 3 1 \ 50 1 7 3 \ 30 2 10 5 The data suggest that Leigh:

Refer to the accompanying figure. If Laura and Chris are the only two consumers in this market then at a price of $2.50 per pound, the market demand for hamburger is: