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2 Unit II Assignment Worksheet This 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 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 0 0 --- --- --- 200 150 150 $10.00 15 400 275 125 $10.00 12.5 10 600 375 100 $10.00 800 450 75 $10.00 7.5 50 5 1,000 500 $10.00 25 2.5 1,200 525 $10.00 1,400 525 0 $10.00 0 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 0 0 --- --- --- 400 200 $15.00 800 375 $15.00 1,200 525 $15.00 1,600 650 $15.00 2,000 750 $15.00 2,400 825 $15.00 2,800 875 $15.00 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 0 0 --- --- --- 200 150 0.75 $12.00 0.0625 400 275 0.625 $12.00 0.0520 600 375 0.5 $12.00 0.0416 800 450 0.375 $12.00 0.0312 1,000 500 0.25 $12.00 0.0208 1,200 525 0.125 $12.00 0.0104 1,400 525 0 $12.00 0 (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 Items Consumed Total Utility Marginal Utility Average Item Price Marginal Utility Per Dollar for Concession Items 0 0 --- --- --- 400 200 $15.00 800 375 $15.00 1,200 525 $15.00 1,600 650 $15.00 2,000 750 $15.00 2,400 825 $15.00 2,800 875 $15.00 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 0 0 --- --- --- 200 150 $10.00 400 275 $10.00 600 375 $10.00 800 450 $10.00 1,000 500 $10.00 1,200 525 $10.00 1,400 525 $10.00 (Continue on next page) 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 0 0 --- --- --- 400 200 $20.00 800 375 $20.00 1,200 525 $20.00 1,600 650 $20.00 2,000 750 $20.00 2,400 825 $20.00 2,800 875 $20.00 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 1: Question 1 and Question 2 Part 2: Question 1 and Question 2 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. 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 Items Average Price Quantity Part 1: Question 1 and Question 2 Part 2: Question 1 and Question 2 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 Movie Ticket Price Quantity Supplied of Movie Tickets $2 1,800 $3 1,800 $4 1,800 $5 1,800 $6 1,800