1) Complete the table, showing the Marginal Utility for each hamburger and icecream. (for example, the first hamburger gives Kevin the marginal utility of 20,and the second gives him the marginal utility of 14.2) Complete the table, showing the Marginal Utility Per Dollar of eachhamburger and Ice Cream (ex. the first hamburger gives Kevin a marginal utilityof 20, but costs $2, so the MU/P = 10).3) Suppose that Kevin's mom gives Kevin $7 to spend in the food court. Pleaseshow me where kevin spends his money. (i.e. What does he buy first, second,third) and what his Total Utility is after each purchase.Search entries or authorReplyUnreadReplies are only visible to those who have posted at least one reply. Suppose that Kevin is a 10 years old boy. He is at the mall with his mom, andshe gives him some money to get food from the food court. At the food courtthere is a hamburger place, and an ice cream shop.In the following table, I will show you Kevin's Total Utility for each quantity ofHamburgers and ice cream.Quantit TotalyUtility12345Hamburgers ($2)MarginalUtility67020344447474232MU/PQuantitYBM01234567Ice Cream ($1)MarginalUtilityTotalUtility029465355565652MU/P

Marginal utility is the additional utility that a consumer derived from consuming one more unit of…

1) Complete the table, showing the Marginal Utility for each hamburger and ice cream. (for example, the first hamburger gives Kevin the marginal utility of 20, and the second gives him the marginal utility of 14. 2) Complete the table, showing the Marginal Utility Per Dollar of each hamburger and Ice Cream (ex. the first hamburger gives Kevin a marginal utility of 20, but costs $2, so the MU/P = 10). 3) Suppose that Kevin's mom gives Kevin $7 to spend in the food court. Please show me where kevin spends his money. (i.e. What does he buy first, second, third) and what his Total Utility is after each purchase

1) Complete the table, showing the Marginal Utility for each hamburger and ice cream. (for example, the first hamburger gives Kevin the marginal utility of 20, and the second gives him the marginal utility of 14. 2) Complete the table, showing the Marginal Utility Per Dollar of each hamburger and Ice Cream (ex. the first hamburger gives Kevin a marginal utility of 20, but costs $2, so the MU/P = 10). 3) Suppose that Kevin's mom gives Kevin $7 to spend in the food court. Please show me where kevin spends his money. (i.e. What does he buy first, second, third) and what his Total Utility is after each purchase

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1) Complete the table, showing the Marginal Utility for each hamburger and ice
cream. (for example, the first hamburger gives Kevin the marginal utility of 20,
and the second gives him the marginal utility of 14.
2) Complete the table, showing the Marginal Utility Per Dollar of each
hamburger and Ice Cream (ex. the first hamburger gives Kevin a marginal utility
of 20, but costs $2, so the MU/P = 10).
3) Suppose that Kevin's mom gives Kevin $7 to spend in the food court. Please
show me where kevin spends his money. (i.e. What does he buy first, second,
third) and what his Total Utility is after each purchase.
Search entries or author
Reply
Unread
Replies are only visible to those who have posted at least one reply.

Suppose that Kevin is a 10 years old boy. He is at the mall with his mom, and
she gives him some money to get food from the food court. At the food court
there is a hamburger place, and an ice cream shop.
In the following table, I will show you Kevin's Total Utility for each quantity of
Hamburgers and ice cream.
Quantit Total
y
Utility
1
2
3
4
5
Hamburgers ($2)
Margin
al
Utility
6
7
0
20
34
44
47
47
42
32
MU/P
Quantit
Y
BM
0
1
2
3
4
5
6
7
Ice Cream ($1)
Margin
al
Utility
Total
Utility
0
29
46
53
55
56
56
52
MU/P

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