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Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?

Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?

You want to maximize your utility and find your consumer optimum. Here is a table of your current situation: McDonald's drink: $1.00 McDonald's Big Mac: $5.00 Income: $11.00 Drink Total Utility 0 0 1 2 3 4 5 100 220 280 330 350 Big Mac 0 1 23 4 5 Total Utility 0 600 1100 1500 1600 1650 Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?
Transcribed Image Text:You want to maximize your utility and find your consumer optimum. Here is a table of your current situation: McDonald's drink: $1.00 McDonald's Big Mac: $5.00 Income: $11.00 Drink Total Utility 0 0 1 2 3 4 5 100 220 280 330 350 Big Mac 0 1 23 4 5 Total Utility 0 600 1100 1500 1600 1650 Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?
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