I need help with question 2 please Numerical Problems1. The table shows the total utility Joseph derives from eating pizza in the evening while study-ing.Pieces of pizza/evening Total Utility3024860707880776a. How much marginal utility does Joseph derive from the third piece of pizza?b. After eating how many pieces of pizza does marginal utility start to decline?c. If the pizza were free, what is the maximum number of pieces Joseph would eat in anevening?d. On separate diagrams, construct Joseph's total utility and marginal utility curves forpizza. Does the law of diminishing marginal utility hold? How do you know?2. Suppose the marginal utility of good A is 20 and its price is $4, and the marginal utility ofgood B is 50 and its price is $5. The individual to whom this information applies is spending$20 on each good. Is he or she maximizing satisfaction? If not, what should the individualdo to increase total satisfaction? On the basis of this information, can you pick an optimumcombination? Why or why not?4)

Utility refers to the advantage and pleasure we get from using a product or service. In economics,…

2. Suppose the marginal utility of good A is 20 and its price is $4, and the marginal utility of good B is 50 and its price is $5. The individual to whom this information applies is spending $20 on each good. Is he or she maximizing satisfaction? If not, what should the individual do to increase total satisfaction? On the basis of this information, can you pick an optimum combination? Why or why not?

2. Suppose the marginal utility of good A is 20 and its price is $4, and the marginal utility of good B is 50 and its price is $5. The individual to whom this information applies is spending $20 on each good. Is he or she maximizing satisfaction? If not, what should the individual do to increase total satisfaction? On the basis of this information, can you pick an optimum combination? Why or why not?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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