Exhibit 1 Total Utility for Hamburgers, Fries, and CokesTotal Utility from Hamburgers Total Utility from Fries Total Utility from Coke 1 hamburger (100 utils) 1 order of fries (30 utils) 1 Coke (40 utils)2 hamburgers (180 utils) 2 orders of fries (50 utils) 2 Cokes (60 utils)3 hamburgers (240 utils) 3 orders of fries (60 utils) 3 Cokes (70 utils) 3-In Exhibit1 assume that the price of hamburgers is $2 each, fries cost 50 cents each, and Cokes cost $1 each. What is the marginal utility of having a second order of fries? In Exhibit 1, assume that the price of hamburgers is $2 each, fries cost 50 cents each, and Cokes cost $1 each. Suppose the consumer has $6 to spend on hamburgers, fries, and Cokes. Which of the following meals gives the consumer the mostutility? Given a budget of $6, which combination of menu items will you order to achieve consumer equilibrium?

Quantity Total Utility from Hamburgers (utils) Total Utility from Fries (utils) Total Utility…

Answered: In Exhibit1 assume that the price of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Exhibit 1 Total Utility for Hamburgers, Fries, and Cokes
Total Utility from Hamburgers Total Utility from Fries Total Utility from Coke

1 hamburger (100 utils) 1 order of fries (30 utils) 1 Coke (40 utils)

2 hamburgers (180 utils) 2 orders of fries (50 utils) 2 Cokes (60 utils)

3 hamburgers (240 utils) 3 orders of fries (60 utils) 3 Cokes (70 utils)

In Exhibit1 assume that the price of hamburgers is $2 each, fries cost 50 cents each, and Cokes cost $1 each. What is the marginal utility of having a second order of fries?

In Exhibit 1, assume that the price of hamburgers is $2 each, fries cost 50 cents each, and Cokes cost $1 each. Suppose the consumer has $6 to spend on hamburgers, fries, and Cokes. Which of the following meals gives the consumer the mostutility? Given a budget of $6, which combination of menu items will you order to achieve consumer equilibrium?

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