Calculate marginal utility and marginal utilty per dollar for the data provided in the table below: (round to two decimal places)The Price of wine is 3The Price of Cheese is 0.14The Consumer's budget for wine and Cheese is 9.69(CHEESE)(CHEESE)(CHEESE)WEDGESOF CHEESEGLASSES(WINE)(WINE)(WINE)MARGINAL UTILITYMARGINALMARGINAL UTILITYMARGINALUTIUTY/dollarOF WINETOTAL UTILITYTOTAL UTILITYUTIUTY/dollar70NumberNumberNumberNumber16035Number65Number2253.41NumberNumberNumberNumber45288Number61Number48349The Quantity of Wine this consumer would buy to maximize utlity is: NumberNumberThe Quantity of Cheese this consumer would buy to maximize utilit is :What is the consumer's Total Utility when optimized: Number10

Price of wine =3 Price of cheese= 0.14 Budget= 9.69 Marginal Utility: Change in Total utility the…

Calculate marginal utility and marginal utility per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 3 The Price of Cheese is 0.14 The Consumer's budget for wine and Cheese is 9.69 (CHEESE) (CHEESE) WEDGES OF CHEESE GLASSES (WINE) (WINE) (WINE) (CHEESE) OF WINE TOTAL UTILITY MARGINAL UTILITY MARGINAL TOTAL UTLITY MARGINAL UTILITY MARGINAL UTIUTdollar UTIUTY/dollar 70 10 Number Number Number Number 160 2. 35 Number 65 Number 41 225 Number Number Number Number 45 288 Number Number 61 48 349 The Quantity of Wine this consumer would buy to maximize utity is Number Number The Quantity of Cheese this consumer would buy to maximize utlity is: Number What is the consumer's Total Utility when optimized

Calculate marginal utility and marginal utility per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 3 The Price of Cheese is 0.14 The Consumer's budget for wine and Cheese is 9.69 (CHEESE) (CHEESE) WEDGES OF CHEESE GLASSES (WINE) (WINE) (WINE) (CHEESE) OF WINE TOTAL UTILITY MARGINAL UTILITY MARGINAL TOTAL UTLITY MARGINAL UTILITY MARGINAL UTIUTdollar UTIUTY/dollar 70 10 Number Number Number Number 160 2. 35 Number 65 Number 41 225 Number Number Number Number 45 288 Number Number 61 48 349 The Quantity of Wine this consumer would buy to maximize utity is Number Number The Quantity of Cheese this consumer would buy to maximize utlity is: Number What is the consumer's Total Utility when optimized

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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