QUESTION 7 Based on your answer from the above question, what combination of Burgers and Pizzas presents the maximum utility, if your budget is only 105 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B IUS Paragraph Arial D V 10pt E A T. L

QUESTION 7 Based on your answer from the above question, what combination of Burgers and Pizzas presents the maximum utility, if your budget is only 105 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B IUS Paragraph Arial D V 10pt E A T. L

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Alexi has a budget of $21 to spend on toaster and breads. He does not directly gain any utility from owining a toaster but for every slice of toasted bread he consumes he gain 2 units of utility, that is if he owns a toaster. Without the toaster, he gain 0 units of utility from consuming plain bread. Suppose the toaster has inferior quality and will break after toasting only 10 slices, then Alexi needs to buy a new one. The current market price for cheap toaster is $5 and the price for a single slice of bread is $1. Assume that Alexi aims to maximize consumer surplus. Find Alexi's income-consumption curve for slices of bread for incomes between $0 and $21, assuming a price of $1 per slice.
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Number Consumed Total Utility Marginal Utility 0 0 1 9 2 19 3 27 4 35 5 42 6 42 7 40 Find Marginal utility for each one.
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