This application helps you see how a consumer optimum can be attained when one engages in Internet shopping. Navigation: Go to Amazon.com website. Select to browse the Books section. Application: PRIVATE L. A., by James Patterson was a New York Times best selling book. Find the price of this paperback book and the price of your textbook. Using the prices you recorded for the two books, suppose an individual purchased both the number one book and the class text through Amazon.com. Using the equation in the A Little Math section of Chapter 20 in your text, what does knowing the prices of the 2 books tell you about the MU of the 2 books to the person that bought them. You do not have enough information to determine what the MU is for either book, but you can say what the relative MU of the 2 books is to the person buying them based on the equation. Why do you think the MU of text would be higher, lower, or the same as the novel. In addition to posting your own response to the question posed. you are required to read and respond to AT LEAST 2 of your classmates' posts. When responding to others be sure to engage your classmates by providing different examples of why you agree or disagree with what they have shared or discuss something that relates to what your classmate has stated. Be sure to support your comments. We want to have a meaningful thought-provoking discussion and that can't happen if we all just say how much we liked the other person's comments. Note: You will not be able to view or respond to any of your classmates' posts until AFTER you have posted your initial response. Your discussion is worth 22 points. Review this video How to Use Blackboard Discussions if you need assistance with this feature. All contributions should be consistent with good netiquette. See Calendar for due date. Click on Discussions on the left side of your screen to participate. A Little Math We can state the rule of consumer optimum in algebraic terms by examining the ratio of marginal utilities and prices of individual products. The rule simply states that a consumer maximizes personal satisfaction when allocating money income in such a way that the last dollars spent on good A, good B, good C, and so on, yield equal amounts of marginal utility. Marginal utility (MU) from good A is indicated by \"MU of good A.\" For good B, it is "MU of good B." Our algebraic formulation of this rule, therefore, becomes MUofgoodA _ MUofgoodB _ _ MUofgoodZ Price of good A _ price of good B _ _ price of good Z The letters A, B, . . . , Z indicate the various goods and services that the consumer might purchase. We know, then, that in order for the consumer to maximize utility, the marginal utility of good A divided by the price of good A must equal the marginal utility of any other good divided by its price. Note, though, that the application of the rule of equal marginal utility per dollar spent does not necessarily describe an explicit or conscious act on the part of consumers. Rather, this is a model of consumer optimum. Why are a growing number of regular clients of law rms using apps to monitor the number of EXAMPLE Monitoring the Provision of Legal Services to Ensure Attainment of a Consumer Optimum In the past, continuous clients of law firms have found themselves blindsided by bills covering the overall monthly price of the firms' legal services. This monthly price is computed by multiplying perhour fees by the number of hours per month that the law firms' staffs devote to providing services. To ensure attainment of a consumer optimum, legal clients are now utilizing apps provided by companies such as Viewabill. These apps allow a client to engage in real-time monitoring of legal services as law firms provide them. If a client wishes to alter the observed quantity of hours of services provided per month, the client can contact the firm to arrange a change that will be more consistent with the client's preferences. In this way, the client can be more assured that the marginal utility per dollar spent on a law firm's monthly services is equalized with the marginal utility per dollar that the client wishes to spend on other items