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3. Assume that at different levels of steak and pie consumption that the ratio of marginal utility to price of steak is 7 and that
3. Assume that at different levels of steak and pie consumption that the ratio of marginal utility to price of steak is 7 and that the ratio of marginal utility to price of pie is 4. Explain why you should or should not swap $1 of your expenditure between the two goods in order to increase total combined utility. That is, should you move $1 out of one good and into another or keep it the way it is if you want to be happier? In answering, make sure you are clear on the direction of the swap (if any) and make sure to support your answer using the interpretations of the values provided
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