Question
Calculate marginal utility and marginal utility per dollar for the data provided in the table below: ( round to two decimal places) The Price of
Calculate marginal utility and marginal utility per dollar for the data provided in the table below: (round to two decimal places)
The Price of wine is 2
The Price of Cheese is 0.58
The Consumer's budget for wine and Cheese is 8.89
GLASSES OF WINE | (WINE) TOTAL UTILITY | (WINE) MARGINAL UTILITY | (WINE) MARGINAL UTILITY/dollar | WEDGES OF CHEESE | (CHEESE) TOTAL UTILITY | (CHEESE) MARGINAL UTILITY | (CHEESE) MARGINAL UTILITY/dollar |
1 | 50 | 1 | 20 | ||||
2 | 126 | 2 | 53 | ||||
45 | 16 | ||||||
3 | 171 | 3 | 69 | ||||
4 | 214 | 4 | 83 | ||||
41 | 13 | ||||||
5 | 255 | 5 | 96 | ||||
The Quantity of Wine this consumer would buy to maximize utility is :
The Quantity of Cheese this consumer would buy to maximize utility is :
What is the consumer's Total Utility when optimized :
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