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Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. Suppose that Biff enters a hot
Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $ entry fee. Biff realizes there is very little chance that he will actually win the contest. He just likes the idea of being able to eat all the hot dogs he wants. The table below shows Biff's utility from eating hot dogs.
Instructions: Enter your answers as a whole number. If you are entering a negative number include a minus sign.
a Use the table below and fill in the values for marginal utility.
Hot Dogs and Biff's Utility
tabletableHotDogstableTotal UtilityutilstableMarginal Utilityutils
b Use the table to graph Biff's total utility and marginal utility for hot dogs.
Instructions: Use the tool provided "Total Utility" to plot Biff" total utility point by point points total
Tools
Biff's Total Utility from Hot Dogs
Total UtilityInstructions: Use the tool provided "Marginal Utility" to plot Biff"s marginal utility point by point points total
Tools
Biff's Marginal Utility from Hot
Marginal Utility
Dogs
c If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he will eat? What is the maximum level of utility Biff can reach from eating that number of hot dogs?
Optimal number of hot dogs:
Maximum utility
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