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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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