(Table) In the table, assume that a consumer has a budget of $75. Movies cost $15 per movie (with popcorn), and dinner costs $15 per dinner. Utility will be maximized by buyingHint: You will need to create a few extra columns to solvePrice Movie = $15.00Price Dinner = $15.00Movies per Total UtilitymonthEating out Total Utilityper month51355041252901101252904155155175O A. 2 movies /3 dinnersO B. 1 movie / 4 dinnersO C.4 movies / 1 dinners.O D.3 movies /2 dinnersO E. there is no combination of goods that maximize utilityMoving to another question will save this response.Question 1 of 75PrivTerrMacBook Pro吕0DIIDDescF4F5F6F7F8F9F10F11F12F1F2F3%2324&124578.{QWERYtabDFGつKcaps lockP# 3

Utility is the want satisfying power of a commodity. It refers to the number of units consumed by an individual to attain maximum satisfaction. Utility is measured as total utility and marginal utility. Total utility is sum of all the units consumed by the individual or group to attain maximum satisfaction, i.e., TU. Marginal utility is the the additional unit consumed by the individual to reach maximum satisfaction, i.e., MU. Given in the question : Budget = $75 Price of the movie = $15 Price of dinner = $15 The tables represents the Total Utility received with every unit and to find the maximum utility received we need to calculate the marginal utility of both the table, as follow: Maximum Utility is achieved when the Total utility and maximum and marginal utility is zero. As seen , in neither of the tables MU is reaching zero. Therefore, there is no combination of TU an NU for the between movies and eating outside which can reach mazimum satisfaction thus providing Maximum Utility. CONCLUSION: The answer is: Option E: There is no combination of goods that maximize utility.

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(Table) In the table, assume that a consumer has a budget of $75. Movies cost $15 per movie (with popcorn), and dinner costs $15 per dinner. Utility will be maximized by buying Hint: You will need to create a few extra columns to solve Price Movie = $15,00 Price Dinner = $15.00 Movies per Total Utility month Eating out Total Utility per month 135 1. 50 4. 125 2. 90 110 3. 125 90 155 55 175 OA. 2 movies /3 dinners O B. 1 movie / 4 dinners O C.4 movies/1 dinners. O D.3 movies /2 dinners O E, there is no combination of goods that maximize utility A Moving to another question will save this response. Question 1 of 75

(Table) In the table, assume that a consumer has a budget of $75. Movies cost $15 per movie (with popcorn), and dinner costs $15 per dinner. Utility will be maximized by buying Hint: You will need to create a few extra columns to solve Price Movie = $15,00 Price Dinner = $15.00 Movies per Total Utility month Eating out Total Utility per month 135 1. 50 4. 125 2. 90 110 3. 125 90 155 55 175 OA. 2 movies /3 dinners O B. 1 movie / 4 dinners O C.4 movies/1 dinners. O D.3 movies /2 dinners O E, there is no combination of goods that maximize utility A Moving to another question will save this response. Question 1 of 75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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