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2Unit II Assignment WorksheetThis worksheet is intended to help you develop the information you will use to complete your Unit II Assignment. Completing only this worksheet does not constitute completion of the Unit II Assignment. You need to complete all parts of the assignment, which also include writing an essay about the information you obtain in this worksheet. You will copy and paste your essay at the end of this document where indicated, and then upload your assignment via SafeAssign.Instructions:1. Complete the Unit II Worksheet. 2. 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.3. Include your graphs in the areas indicated in this worksheet.4. Copy and paste your essay in to this worksheet, then upload the entire assignment via SafeAssign.Part 1Given 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 TicketsConsumedTotalUtilityMarginalUtilityMovie Ticket PriceMarginal Utility Per Dollar for Movie Tickets00---------200150150$10.0015400275125$10.0012.510600375100$10.0080045075$10.007.55051,000500$10.00252.51,200525$10.001,4005250$10.000Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items.Quantity of Concession Stand ItemsConsumedTotalUtilityMarginalUtilityAverage ItemPriceMarginal UtilityPer Dollar for Concession Items00---------400200$15.00800375$15.001,200525$15.001,600650$15.002,000750$15.002,400825$15.002,800875$15.00Part 1 Question 1: What quantity combination of movie tickets and concession stand items would maximize utility? Your Answers:Quantity of Movie TicketsQuantity of Concession Stand ItemsPart 1 Question 2: What is the price of movie tickets and average price of concession stand items?Your Answers:Movie Ticket PriceConcession Stand Items Average PricePart 2Given 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 TicketsConsumedTotalUtilityMarginalUtilityMovie Ticket PriceMarginal Utility Per Dollar for Movie Tickets00---------2001500.75$12.000.06254002750.625$12.000.05206003750.5$12.000.04168004500.375$12.000.03121,0005000.25$12.000.02081,2005250.125$12.000.01041,4005250$12.000(Continue on next page)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 ItemsConsumedTotalUtilityMarginalUtilityAverage ItemPriceMarginal UtilityPer Dollar for Concession Items00---------400200$15.00800375$15.001,200525$15.001,600650$15.002,000750$15.002,400825$15.002,800875$15.00Part 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 TicketsQuantity of Concession Stand ItemsPart 2 Question 2: What is the price of movie tickets?Your Answer:Movie Ticket PricePart 3Given 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 TicketsConsumedTotalUtilityMarginalUtilityMovie Ticket PriceMarginal Utility Per Dollar for Movie Tickets00---------200150$10.00400275$10.00600375$10.00800450$10.001,000500$10.001,200525$10.001,400525$10.00(Continue on next page)Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items.Quantity of Concession Stand ItemsConsumedTotalUtilityMarginalUtilityAverage ItemPriceMarginal UtilityPer Dollar for Concession Items00---------400200$20.00800375$20.001,200525$20.001,600650$20.002,000750$20.002,400825$20.002,800875$20.00Part 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 TicketsQuantity of Concession Stand ItemsPart 3 Question 2: What is the average price concession stand items?Your Answer:Concession Stand Items Average PricePart 4Answer 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 TicketsPriceQuantityPart 1: Question 1 and Question 2Part 2: Question 1 and Question 2Task: 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.Step 2: 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 ItemsAverage PriceQuantityPart 1: Question 1 and Question 2Part 2: Question 1 and Question 2Task: 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 5Given 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 SuppliedMovie Ticket PriceQuantity Supplied of Movie Tickets$21,800$31,800$41,800$51,800$61,800
Answered 1 days AfterMay 09, 2022

Answer To: done attached

Prateek answered on May 10 2022
21 Votes
Part 1
    Step 1: Calculate marginal utility and marginal utility per dollar for movie tickets.
    Quantity of Tickets    Total    Marginal    Movie Ticket     Marginal Utility     Output
    Consumed
    Utility    Utility    Price    Per Dollar for Movie Tickets
    0    0    ---    ---    ---
    200    150    150    $10    $15    3,000
    400    275    125    $10    $13    5,000
    600    375    100    $10    $10    6,000
    800    450    75    $10    $8    6,000
    1,000    500    50    $10    $5    5,000
    1,200    525    25    $10    $3    3,000
    1,400    525    0    $10    $0    - 0
    Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items.
    Quantity of Concession Stand Items    Total    Marginal    Average Item    Marginal Utility    Output
    Consumed    Utility    Utility    Price    Per Dollar for Concession Items
    0    0     -      -      -
    400    200    200    $15    $13    5,333
    800    375    175    $15    $12    9,333
    1,200    525    150    $15    $10    12,000
    1,600    650    125    $15    $8    13,333
    2,000    750    100    $15    $7    13,333
    2,400    825    75    $15    $5    12,000
    2,800    875    50    $15    $3    9,333
    Part 1
    Question 1
    For Max Utility:
    Quantity of Movie Tickets        800
    Quantity of Concession Items        2,000
    Total Output        2800
    Question 2
    Movie Ticket Price        $8
    Concession Stand Items Average Price        $7
Part 2
    Step 1: Calculate marginal utility and marginal utility per dollar for movie tickets.
    Quantity of Tickets    Total    Marginal    Movie Ticket     Marginal Utility     Output
    Consumed    Utility    Utility    Price    Per Dollar for Movie Tickets
    0    0     -      -      -
    200    150    150    12    12.50    2,500.00
    400    275    125    12    10.42    4,166.67
    600    375    100    12    8.33    5,000.00
    800    450    75    12    6.25    5,000.00
    1,200    525    75    12    6.25    7,500.00
    1,400    525    0    12    - 0    - 0
    Step 2: Calculate marginal utility and marginal utility per dollar for concession stand items.
    Quantity of Concession Stand Items    Total    Marginal    Average Item    Marginal Utility    Output
    Consumed    Utility    Utility    Price    Per Dollar for Concession...
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