microeconomics

The Utility Maximization Rule The Utility Maximization Rule Practice Problem Assume you have a budget of $24 to spend on Pizzas and Hamburgers. Pizzas cost $3 and hamburgers cost 54. Complete the table below and answer the questions that follow - Pizza: Pp=$8 Hamburgers: Ph=$4 mam ______ 1 16 24 3 36 55 5 42 7Q 3' 2. Wi'u the prices of pizzas and hamburgers remaining constant, assume that your budget increases to $36. Identify each of the following: a. The new combination of Pizza and Hamburgers the consumer will purchase. b. The total utility the consumer will enjoi,r with this combination 3. Wi1 your budget at $43, assume the price of Hamburgers increases to $3 and Pizza 516. ldenfv each of the following. a. The combination of Pizza and Hamburgers the consumer will purchase b. The consumer's total utility at this combination