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Sean has $18 to spend at the cafeteria on hotdog that cost $2 and cake that cost $3 per slice. Prepare the consumption possibilities table:
- Sean has $18 to spend at the cafeteria on hotdog that cost $2 and cake that cost $3 per slice.
- Prepare the consumption possibilities table:
Quantity of Cake | Quantity of Hotdog |
- Complete the table below:
Quantity of Cake | Total Utility | Marginal Utility | Marginal Utility per Dollar | Quantity of Hotdog | Total Utility | Marginal Utility | Marginal Utility per Dollar | |
0 | 0 | 0 | 0 | |||||
1 | 24 | 1 | 12 | |||||
2 | 42 | 2 | 20 | |||||
3 | 54 | 3 | 26 | |||||
4 | 63 | 4 | 30 | |||||
5 | 69 | 5 | 32 |
- What combination of cake and hotdog would maximise his utility?_______________________
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