Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In the table chart, for the marginal utility and per dollar, I don't get why it is a fraction O Part 1: Check for Understanding-

In the table chart, for the marginal utility and per dollar, I don't get why it is a fraction

image text in transcribed
O Part 1: Check for Understanding- Read the article excerpt and explain why each of the statements below are inaccurate, economically speaking "Joey Chestnut won his 10th title in Nathan's Famous Hot Dog Eating Contest, eating a record 72 hotdogs in 10 minutes, That's his new personal best, beating his 2016 record of 70. Chestnut may have consumed a total of about 20,000 calories" O "Joey Chestnut must love hot dogs. Clearly the law of diminishing marginal utility doesn't apply to him." dong Cheshit was not eating the hot dogs to satisfy his lager, instead, he went In ming to eat as may as possible Eating each additional lotdog and bring have manyinall 2. "Whenever hot dogs are free, people eat as many as they possibly can. " Utility as he is getting closer to his goals thee it hot a motivator for people to abuse something "fen N M J V 3. "The marginal cost of eating the 72nd hot dog was 20,000 calories." Marginal cost applies to that one wit, the 20,000 Et calories applies To all 72 of the hotdogs Part 2: Practice- The tables below show Clifford's total utility from consuming different amounts of hot dogs and nachos. The price of a hot dog is $2 and the price of an order of nachos is $3. Fill in the blanks in the chart and complete the following. Hot Dogs Nachos Price = $2 Price = $3 Total Marginal | Marginal Utility Total Marginal Marginal Utility Quantity Utility Utility Per Dollar Quantity Utility Utility Per Dollar O 0 0 0 1 st 12 12 6 1st 24 24 2nd 20 1/8 1/ 16 2nd 42 1/18 1/3 1 3rd 26 1/ 12 3rd 54 1/ 12 1/ 24

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How China Escaped Shock Therapy The Market Reform Debate

Authors: Isabella M Weber

1st Edition

0429953968, 9780429953965

More Books

Students also viewed these Economics questions

Question

Use Southwest Airlines 2008 financial statement information

Answered: 1 week ago

Question

Always show respect for the other person or persons.

Answered: 1 week ago

Question

Self-awareness is linked to the businesss results.

Answered: 1 week ago

Question

1. Too reflect on self-management

Answered: 1 week ago