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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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