Every week Chris consumes 14 medium-sized pepperoni pizzas, which cost $10.00 each, and 22 galions of ice cream, which cost $15.00 each. Chris' marginal utility of pizza at that point is 2.75 and marginal utility of gallons of ice cream is 3.30. Comment on Chris choice (economically speaking, not nutritionally) and illustrate with an indifference map (Pizza on the y-axis, ice cream on the x-axis).
Every week Chris consumes 14 medium-sized pepperoni pizzas, which cost $10.00 each, and 22 galions of ice cream, which cost $15.00 each. Chris' marginal utility of pizza at that point is 2.75 and marginal utility of gallons of ice cream is 3.30. Comment on Chris choice (economically speaking, not nutritionally) and illustrate with an indifference map (Pizza on the y-axis, ice cream on the x-axis).
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 8P
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Every week Chris consumes 14 medium-sized pepperoni pizzas, which cost $10.00 each, and 22 galions of ice cream, which cost $15.00 each. Chris'
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