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1.

Suppose you are planning a trip and budgets 4,000 dollars for accommodation. In your travel destination, there are only two hotels to choose from: Hotel A and Hotel B. Your marginal utility for the first night at Hotel A is expected to be 20,000, 17,000 for the second night, 14,000 for the third night, and so on (that is, declining by 3,000 per additional night). In addition, your marginal utility for the first night at Hotel B is expected to be 10,000 for the first night, 7,000 for the second night, 4,000 for the third night, and so on (that is, declining by 3,000 per additional night).

Q: Assuming that Hotel A costs $1,000 per night and Hotel B costs $500 per night, how many nights of hotel A and hotel B would maximize your total utility? How much is your total utility at the utility maximization point ?

Instruction: Use marginal utility table to support your answer. Make sure to explain your answer in your own words, instead of just providing a table.