Bob budgets $12 a week for entertainment. He splits his time between going to the movies and going to the gym. Each movie costs $3 and each session at the gym also costs $3. The total utility from each of these activities is shown in the table below. Bob’s utility maximizing point is: Movies Total Utility Gym Costs Total Utility 0 0 0 0 1 30 1 50 2 55 2 85 3 76 3 115 4 92 4 107 5 103 5 111 6 114 7 115 Group of answer choices 3 movies; 3 gym workout sessions 4 movies; 0 gym workout sessions 4 movies; 2 gym workout sessions 1 movie; 5 gym workout sessions
Bob budgets $12 a week for entertainment. He splits his time between going to the movies and going to the gym. Each movie costs $3 and each session at the gym also costs $3. The total utility from each of these activities is shown in the table below. Bob’s utility maximizing point is: Movies Total Utility Gym Costs Total Utility 0 0 0 0 1 30 1 50 2 55 2 85 3 76 3 115 4 92 4 107 5 103 5 111 6 114 7 115 Group of answer choices 3 movies; 3 gym workout sessions 4 movies; 0 gym workout sessions 4 movies; 2 gym workout sessions 1 movie; 5 gym workout sessions
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Bob budgets $12 a week for entertainment. He splits his time between going to the movies and going to the gym. Each movie costs $3 and each session at the gym also costs $3. The total utility from each of these activities is shown in the table below. Bob’s utility maximizing point is:
| Movies | Total Utility | Gym Costs | Total Utility |
| 0 | 0 | 0 | 0 |
| 1 | 30 | 1 | 50 |
| 2 | 55 | 2 | 85 |
| 3 | 76 | 3 | 115 |
| 4 | 92 | 4 | 107 |
| 5 | 103 | 5 | 111 |
| 6 | 114 | ||
| 7 | 115 |
Group of answer choices
3 movies; 3 gym workout sessions
4 movies; 0 gym workout sessions
4 movies; 2 gym workout sessions
1 movie; 5 gym workout sessions
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