Becky needs to decide how many cups of coffee and pieces of cake she will buy for a meeting with an office mate. She estimates her total utility for different quantities of coffee and cakes below. A cup of coffee is $1.00, and each piece of cake is $0.50. Becky has a total of $3 to spend. What is Becky's total utility if she buys 1 cup of coffee and 4 pieces of cake?**Utility from Consumption**| Cups of Coffee | Total Utility from Cups of Coffee | Pieces of Cake | Total Utility from Pieces of Cake ||----------------|----------------------------------|----------------|-----------------------------------|| 1 | 33 | 1 | 15 || 2 | 56 | 2 | 32 || 3 | 79 | 3 | 48 || 4 | – | 4 | 63 || 5 | – | 5 | 77 || 6 | – | 6 | 90 |**Total Utility of Different Consumption Bundles**| Consumption Bundle | Cups of Coffee | Pieces of Cake | Total Utility ||--------------------|----------------|----------------|---------------|| A | 3 | 0 | || B | 2 | 2 | || C | 1 | 4 | || D | 0 | 6 | |**Explanation of Graphs and Tables:**The first table lists the utility Becky derives from consuming varying quantities of coffee and cake. For example, one cup of coffee yields 33 units of utility, while one piece of cake yields 15. The utility increases with additional quantities.The second table shows the total utility for specific combinations of coffee and cake Becky might purchase. The missing total utility values can be calculated by adding the corresponding utility values from the first table for each combination.

Becky bought 1 cup of coffee and 4 pieces of cakes. Utility from 1 cup of coffee = 33 Utility from 4…

Becky needs to decide how many cups of coffee and pieces of cake she will buy for a meeting with an office mate. She estimates her total utility for different quantities of coffee and cakes below. A cup of coffee is $1.00, and each piece of cake s $0.50. Becky has a total of $3 to spend. What is Becky's total utility if she buys 1 cup of coffee and 4 pieces of cake?

Becky needs to decide how many cups of coffee and pieces of cake she will buy for a meeting with an office mate. She estimates her total utility for different quantities of coffee and cakes below. A cup of coffee is $1.00, and each piece of cake s $0.50. Becky has a total of $3 to spend. What is Becky's total utility if she buys 1 cup of coffee and 4 pieces of cake?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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