Unit II Assignment Worksheet. This Worksheet Is To Help You ✓ Solved

Unit II Assignment Worksheet. This worksheet is to help you develop the information you will use to complete your Unit II Assignment.

Unit II Assignment Worksheet. This worksheet is intended to help you develop the information you will use to complete your Unit II Assignment. You will copy and paste your essay at the end of this document where indicated, and then upload your assignment via SafeAssign.

Instructions: Complete the Unit II Worksheet. Use your Unit II Worksheet responses to help you formulate your ideas for writing your essay; you are expected to expand on these questions when writing your essay. Include your graphs in the areas indicated in this worksheet. Copy and paste your essay into this worksheet, then upload the entire assignment via SafeAssign.

Part 1: Given the quantity of total movie tickets and total concession stand items consumed in a month and the total utility derived at Ruby Red Movie Theater for each, calculate the marginal utility and the marginal utility per dollar for movie tickets and average concession stand items.

Step 1: Calculate marginal utility and marginal utility per dollar for movie tickets. Quantity of Tickets Consumed, Total Utility, Marginal Utility, Movie Ticket Price, Marginal Utility Per Dollar for Movie Tickets

Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items. Quantity of Concession Stand Items Consumed, Total Utility, Marginal Utility, Average Item Price, Marginal Utility Per Dollar for Concession Items

Part 1 Question 1: What quantity combination of movie tickets and concession stand items would maximize utility? Your Answers: Quantity of Movie Tickets; Quantity of Concession Stand Items

Part 1 Question 2: What is the price of movie tickets and average price of concession stand items? Your Answers: Movie Ticket Price; Concession Stand Items Average Price

Part 2: Given the quantity of total movie tickets and total concession stand items consumed in a month and the total utility derived at Ruby Red Movie Theater for the change in movie ticket prices, calculate the marginal utility and the marginal utility per dollar for movie tickets and concession stand items.

Step 1: Calculate marginal utility and marginal utility per dollar for movie tickets. Quantity of Tickets Consumed, Total Utility, Marginal Utility, Movie Ticket Price, Marginal Utility Per Dollar for Movie Tickets

Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items. (Note: The information here has not changed from Part 1, Step 2.) Quantity of Concession Stand Items Consumed, Total Utility, Marginal Utility, Average Item Price, Marginal Utility Per Dollar for Concession Items

Part 2 Question 1: What quantity combination of movie tickets and concession stand items would maximize utility now that the price of movie tickets has changed? Your Answers: Quantity of Movie Tickets; Quantity of Concession Stand Items

Part 2 Question 2: What is the price of movie tickets? Your Answer: Movie Ticket Price

Part 3: Given the total quantity of movie tickets and total concession stand items consumed in a month and the total utility derived at Ruby Red Movie Theater for the change in concession stand prices, calculate the marginal utility and the marginal utility per dollar for movie tickets and concession stand items.

Step 1: Calculate marginal utility and marginal utility per dollar for movie tickets. (Note: The information here is the same as in Part 1, Step 1.) Quantity of Tickets Consumed, Total Utility, Marginal Utility, Movie Ticket Price, Marginal Utility Per Dollar for Movie Tickets

Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items. Quantity of Concession Stand Items Consumed, Total Utility, Marginal Utility, Average Item Price, Marginal Utility Per Dollar for Concession Items

Part 3 Question 1: What quantity combination of movie tickets and concession stand items would maximize utility now that the average price of concession items has changed? Your Answers: Quantity of Movie Tickets; Quantity of Concession Stand Items

Part 3 Question 2: What is the average price concession stand items? Your Answer: Concession Stand Items Average Price

Part 4: Answer the following from the calculations you made above: Step 1: In regard to movie tickets, report the price and quantity you calculated in Questions 1 and 2 from Parts 1 and 2. Movie Tickets Price; Quantity

Part 4 Task: Graph the demand curve for movie tickets from the information above. Provide a copy of your graph in the box below. You can use a computer program such as Microsoft Excel or even draw the demand curve for movie tickets by hand, then take a clear, easy-to-read photo of it and insert it. Be sure to resize your graph or photo so that it completely fits in the box.

Part 4: In regard to concession stand items, report the price and quantity you calculated in Questions 1 and 2 from Parts 1 and 2. Concession Stand Items Average Price; Quantity

Part 4 Task: Graph the demand curve for concession stand items from the information above. Provide a copy of your graph in the area below. You can use a computer program such as Microsoft Excel or even draw the demand curve for concession stand items by hand, then take a clear, easy-to-read photo of it and insert it. Be sure to resize your graph or photo so that it completely fits in the box.

Part 5: Given the price and quantity information below, graph the supply curve for movie tickets and concession stand items on separate graphs.

Step 1: Graph the supply of movie tickets given the prices and quantities supplied below. Movie Ticket Prices and Quantity Supplied

Part 5 Question 1: Why is the quantity supplied of movie tickets the same regardless of the price of movie tickets? Enter your response in the box below.

Step 2: Graph the supply of concession stand items given the prices and quantities supplied below. Concession Stand Item Prices and Quantity Supplied

Part 6: Graph the supply and demand for movie tickets and concession stand items. Step 1: Graph the supply and demand for movie tickets on one graph. Draw or insert graph here: Equilibrium Price and Equilibrium Quantity for movie tickets. Step 2: Graph the supply and demand for concession stand items on one graph. Draw or insert graph here: Equilibrium Price and Equilibrium Quantity for concession stand items.

Continue on next page. You will start your essay there, beginning with a title page that provides the title of the paper, your name, university name, course name, instructor name, and the date.

(Insert entire essay here—title page, essay, and references. Be sure to delete this comment.)

Paper For Above Instructions

The Unit II Assignment Worksheet is designed to scaffold a student’s exploration of consumer theory and related graphing skills through a structured set of tasks focused on marginal utility, utility maximization, and market analysis. This essay synthesizes these components, connecting theoretical constructs to practical calculation steps, and demonstrates how price changes influence consumer choices as described in standard microeconomic theory (Mankiw, 2018; Krugman & Wells, 2018).

First, the worksheet foregrounds the concept of marginal utility (MU) and marginal utility per dollar (MUD) as central to maximizing utility. MU measures the additional satisfaction from consuming one more unit of a good, while MUD = MU divided by price. The equimarginal principle states that consumers maximize total utility by allocating spending so that MU per dollar is equalized across all chosen goods (Mankiw, 2018). In practice, students are asked to compute MU and MUD for movie tickets and concession items, then determine the utility-maximizing combination of quantities. This reinforces the idea that consumers allocate limited resources to maximize satisfaction given two goods with distinct prices (Samuelson & Nordhaus, 2010).

Second, the worksheet probes the effects of price changes on consumer choice. Part 2 and Part 3 introduce scenarios in which the price of movie tickets or concession items changes, requiring recomputation of MU and MUD and re-evaluation of the utility-maximizing bundle. This aligns with the basic demand theory: as the price of a good changes, the marginal utility per dollar of that good changes, altering the optimal quantities purchased. Graphical interpretation of these shifts—demand curves—helps illustrate how consumers respond to price changes, while recognizing that a fixed quantity supply indicates a price inelastic or capacity-constrained market segment for a given good (Pindyck & Rubinfeld, 2019; Parkin, 2012).

Third, Part 5 and Part 6 guide students through the creation of supply curves for both goods and the estimation of equilibrium price and quantity. The worksheet underscores the difference between demand shifters (tastes, income, prices of related goods) and supply determinants (costs, technology, input prices), yet keeps the focus on the mechanics of graphing and identifying equilibrium points. In real-world markets, equilibrium occurs where the quantity demanded equals the quantity supplied, a result that emerges from the intersection of demand and supply curves (Hubbard & O’Brien, 2016).

This assignment integrates quantitative calculation with graphical analysis, reinforcing the link between microeconomic theory and practical data interpretation. By explicitly requesting students to graph both demand and supply for two goods and to discuss why quantities supplied can be price-invariant in some contexts, the worksheet cultivates the analytical habits necessary for economic reasoning. The process—calculate MU and MUD, determine utility-maximizing bundles, assess effects of price changes, and graph supply and demand to locate equilibrium—maps neatly onto foundational economic principles found in standard texts (Mankiw, 2018; Varian, 2014; Samuelson & Nordhaus, 2010).

In sum, the Unit II Assignment Worksheet promotes a coherent workflow: (1) compute marginal measures and utility per dollar; (2) identify utility-maximizing bundles; (3) analyze price-change scenarios with updated MU/MUD; (4) construct and interpret demand curves; (5) graph supply and determine equilibrium. This practice not only builds mathematical fluency but also deepens intuition about how markets coordinate consumption choices through price signals, all grounded in established economic theory (Perloff, 2017; Nicholson & Snyder, 2011).

References

  1. Mankiw, N. G. Principles of Microeconomics, 9th edition. Cengage, 2018.
  2. Krugman, P., Wells, R. Microeconomics, 4th edition. Worth Publishers, 2018.
  3. Samuelson, P. A., Nordhaus, W. D. Economics, 19th edition. McGraw-Hill, 2010.
  4. Perloff, J. Microeconomics: Theory and Applications, 7th edition. Pearson, 2017.
  5. Pindyck, R. S., Rubinfeld, D. L. Microeconomics, 9th edition. Pearson, 2019.
  6. Hubbard, R. G., O’Brien, A.C. Microeconomics, 5th edition. Pearson, 2016.
  7. Parkin, M. Economics, 11th edition. Pearson, 2012.
  8. Varian, H. R. Intermediate Microeconomics: A Modern Approach, 9th edition. Norton, 2014.
  9. Nicholson, W., Snyder, C. Microeconomic Theory: Basic Principles and Extensions, 11th edition. Cengage, 2011.
  10. Case, K., Fair, R. Principles of Microeconomics, 11th edition. Pearson, 2018.

Related Assignments