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) MARGINAL GLASSES (WINE) (WINE) (WINE) WEDGES (CHEESE) (CHEESE) OF WINE TOTAL UTILITY MARGINAL UTILITY MARGINAL OF CHEESE TOTAL UTILITY MARGINAL UTILITY UTILITY/dollar UTILITY/dollar 1 70 1 10 Number Number Number Number 160 35 Number 65 Number 41 225 Number Number Number Number 4 45 4. 288 Number 61 Number 48 349 The Quantity of Wine this consumer would buy to maximize utility is : Number The Quantity of Cheese this consumer would buy to maximize utility is : Number What is the consumer's Total Utility when optimized : Number
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) MARGINAL GLASSES (WINE) (WINE) (WINE) WEDGES (CHEESE) (CHEESE) OF WINE TOTAL UTILITY MARGINAL UTILITY MARGINAL OF CHEESE TOTAL UTILITY MARGINAL UTILITY UTILITY/dollar UTILITY/dollar 1 70 1 10 Number Number Number Number 160 35 Number 65 Number 41 225 Number Number Number Number 4 45 4. 288 Number 61 Number 48 349 The Quantity of Wine this consumer would buy to maximize utility is : Number The Quantity of Cheese this consumer would buy to maximize utility is : Number What is the consumer's Total Utility when optimized : Number
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![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
(WINE)
(WINE)
(CHEESE)
(CHEESE)
(CHEESE)
GLASSES
(WINE)
WEDGES
OF WINE
MARGINAL
OF CHEESE
TOTAL UTILITY
MARGINAL UTILITY
MARGINAL
TOTAL UTILITY
MARGINAL UTILITY
UTILITY/dollar
UTILITY/dollar
1
70
10
Number
Number
Number
Number
35
160
6
Number
65
Number
225
3
41
Number
Number
Number
Number
4
45
4.
288
Number
61
Number
48
349
The Quantity of Wine this consumer would buy to maximize utility is : Number
Number
The Quantity of Cheese this consumer would buy to maximize utility is :
What is the consumer's Total Utility when optimized : Number](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9b3233b6-95aa-4fb8-8c13-6df7472e2b44%2F93cf3291-609b-4dfc-8d2a-df337a129332%2Fnzen37_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
(WINE)
(WINE)
(CHEESE)
(CHEESE)
(CHEESE)
GLASSES
(WINE)
WEDGES
OF WINE
MARGINAL
OF CHEESE
TOTAL UTILITY
MARGINAL UTILITY
MARGINAL
TOTAL UTILITY
MARGINAL UTILITY
UTILITY/dollar
UTILITY/dollar
1
70
10
Number
Number
Number
Number
35
160
6
Number
65
Number
225
3
41
Number
Number
Number
Number
4
45
4.
288
Number
61
Number
48
349
The Quantity of Wine this consumer would buy to maximize utility is : Number
Number
The Quantity of Cheese this consumer would buy to maximize utility is :
What is the consumer's Total Utility when optimized : Number
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