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Suppose that at Miles' current level of consumption of burgers and sandwiches, his total utility is 208 utils. Miles' marginal utility from eating another burger
Suppose that at Miles' current level of consumption of burgers and sandwiches, his total utility is 208 utils. Miles' marginal utility from eating another burger is 22 utils, and his marginal utility from eating another sandwich is 16 utils. If the price of a burger is $8, and the price of a sandwich is $5, is Miles maximizing his total utility? Multiple Choice Thu I Submit Yes, because Miles' marginal utility per dollar is the same for sandwiches and burgers. 2 Yes, because Miles' marginal utility is greater than the price for both sandwiches and burgers. No. Miles should spend more on burgers and less on sandwiches. No. Miles should spend more on sandwiches and less on burgers
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