5) Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and $2.00 for a pizza. (MU is marginal utility) Quantity of Gasoline 123 4 5 6 MU of Gasoline 35 25 16 10 5 4 MU of Gasoline per dollar 35 Quantity of Pizza 1 2 3 4 5 6 MU of Pizza 30 18 17 10 8 7 MU of Pizza per dollar b. What is the marginal utility per dollar spent on the fifth pizza? 15 a. Complete the table then choose the quantity of gasoline and the quantity of pizza that will maximize the consumer's total utility.

5) Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and $2.00 for a pizza. (MU is marginal utility) Quantity of Gasoline 123 4 5 6 MU of Gasoline 35 25 16 10 5 4 MU of Gasoline per dollar 35 Quantity of Pizza 1 2 3 4 5 6 MU of Pizza 30 18 17 10 8 7 MU of Pizza per dollar b. What is the marginal utility per dollar spent on the fifth pizza? 15 a. Complete the table then choose the quantity of gasoline and the quantity of pizza that will maximize the consumer's total utility.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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