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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

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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

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