Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20 entry fee. Biff realizes there is very little chance that he will actually win the contest. Hejust 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 Total Utility Marginal Utility Hot: Dogs (utils) tutils} b. If Biffis 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: The Law of Diminishing Marginal Utility Exercise 2 Sean is spending the day at the water park. He paid to enter the park and can use any water ride an unlimited number of times throughout the day. His favorite ride is the Twisty River. a. Sean's marginal utility of riding the Twisty River the first time is 50 utils. Sean's marginal utility of riding the Twisty River the second time is likely O greater than 50 utils. 0 less than 50 utils. 0 equal to 50 utils. b. If Sean's total utility begins to decrease after his fih ride on the Twisty River, we can conclude O Sean's marginal utility is starting to increase. 0 Sean's marginal utility has become negative. 0 Sean has maximized his marginal utility. c. Suppose instead of an entrance fee that Sean must pay each time he rides the Twisty River. Compared to the entrance fee, Sean will likely ride the Twisty River 0 fewer times. 0 more times. 0 the same number of times