Please answer question and table

GUL Exercise 1 This exercise is designed to help reinforce the student's un Marginal Marginal when a Consumer is restricted by a Budget. Slices Utility/Price Glasses Utility/Price Marginal Utility NOTE: This exercise should be done using pencil and eras Marginal Utility (MU/P) (MU/P) of of per slice of pizza per glass of soda Price per glass = mistake. Do not use pen! Pizza Price per slice = Soda ($4.00) ($2.00) 150 132 1 st Slice Scenario 1 75 1 st Glass 2nd Slice 55. 5 2nd Glass 104 111 Consider the following problem to help reinforce the 3 rd Slice 36 3rd Glass understanding of determining Maximum Utility when 4th Slice 4th Glass a consumer is restricted by a budget 5th Slice 5th Glass Suppose the consumer has a total budget of $26.00 for 10.5 44 pizza and soda as the choice for dinner. 6th Slice 6th Glass You must determine how to combine the consumer 7th Slice 1.5 7th Glass choices that is, how many slices of pizza and how glasses of soda are to be consumed to give the consumer the maximum utility for the money ($26.00) Table 1 DIRECTIONS: Complete the MU/P in Table 1 above for each slice of pizza and each glass of soda, then show ALL of they will be spending. the possible combinations Observe Table 1 on next page. Using the formula given Marginal Utility/Price for Pizza and the Marginal Utility/Price for a glass of soda begin determining the MU/P for each successive slice of Pizza and the MU/P for each successive glass of Soda. Once you have completed the MU/P for each answer work through the possible combinations while remaining within the budget of $26.00. The consumer MUST spend their entire budget; there can be no money left over. You have been given both the Marginal Utility for both items in the table; you need to determine (MU/P) for each item. Use Table 1 to complete your work. Q1: What is the best combination of slices of pizza and glasses of soda using MU/P that will give the consumer the Maximum Total Utility but not exceed their budget? Remember the consumer must spend their entire budget Slices of Pizza: Glasses of Soda:_ Q2: After determining what the best combination is; what is the Maximum Total Utility (MU/P) the consumer gets by combining all items and not exceeding their budget of $26.00