Ice Cream Utility (IC) Marginal Marginal Cannoli Utility (IC) Utility/ Utility (C) Marginal Marginal Utility (C) Utility/ Price (IC) Price (C) 0 0 1 50 2 85 3 110 ? 4 130 5 145 183225 0 0 50 10 1 85 7 2 160 ? 3 220 20 4 4 270 3 5 300 ? 122880 85 8.5 75 7.5 60 6 50 5 ? What is the total utility derived from the optimal consumption bundle? Ice cream sells for $5 a pint and packs of cannoli for $10 each. a. 365 b. 380 O c. 445 d. 350
Ice Cream Utility (IC) Marginal Marginal Cannoli Utility (IC) Utility/ Utility (C) Marginal Marginal Utility (C) Utility/ Price (IC) Price (C) 0 0 1 50 2 85 3 110 ? 4 130 5 145 183225 0 0 50 10 1 85 7 2 160 ? 3 220 20 4 4 270 3 5 300 ? 122880 85 8.5 75 7.5 60 6 50 5 ? What is the total utility derived from the optimal consumption bundle? Ice cream sells for $5 a pint and packs of cannoli for $10 each. a. 365 b. 380 O c. 445 d. 350
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Ice Cream Utility (IC)
Marginal Marginal Cannoli
Utility (IC) Utility/
Price (IC)
Utility (C)
Marginal Marginal
Utility (C) Utility/
Price (C)
012345
0
0
0
50
50
10
1
85
85
8.5
85
35
7
2
160
75
7.5
110
?
?
3
220
60
6
130
20
4
4
270
50
5
145
15
3
5
300
?
?
What is the total utility derived from the optimal consumption bundle? Ice cream sells for $5 a pint and packs of cannoli for $10 each.
a. 365
b.380
C. 445
d. 350
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