(Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III) Use Table: Marginal Utility perDollar Spent on Shrimp and Asparagus III. If Linda has $20 to spend on asparagus and shrimp, her utility-maximizing combination of the two goods ispound(s) of shrimps andpound(s) of asparagus.Shrimp (price of shrimp = $4 per pound)MarginalUtility perPound ofShrimpQuantityofShrimp0OO32; 63;41; 83; 9UtilityfromShrimp0152531343615106mNMarginalUtilityper Dollar3.752.501.500.750.50Asparagus (price of asparagus = $2 per pound)MarginalUtility perPound ofAsparagusQuantityofAsparagus0123467910UtilityfromAsparagus011.521.429.836.842.547.050.553.255.256.7M11.59.98.47.05.74.53.52.72.01.5MarginalUtilityper Dollar5.754.954.203.502.852.251.751.3510.75(1) docx

Given that Linda has $20, Once she has spent all of the $20, she will continue to buy in the…

(Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III) Use Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III. If Linda has $20 to spend on asparagus and shrimp, her utility- maximizing combination of the two goods is pound(s) of shrimps and pound(s) of asparagus. Shrimp (price of shrimp = $4 per pound) Marginal Utility per Pound of Shrimp Quantity of Shrimp 0 1 O 2 3 O 2;6 3; 4 1; 8 3:9 Utility from Shrimp 0 15 25 31 34 36 15 10 Marginal Utility per Dollar 3.75 2.50 1.50 0.75 0.50 Asparagus (price of asparagus - $2 per pound) Marginal Utility per Pound of Asparagus Quantity of Asparagus 0 1 2 7 8 9 10 Utility from Asparagus 0 11.5 21.4 29.8 36.8 42.5 47.0 50.5 53.2 55.2 56.7 W 11.5 9.9 8.4 7.0 5.7 4.5 3.5 2.7 2.0 1.5 Marginal Utility per Dollar 5.75 4.95 4.20 3.50 2.85 2.25 1.75 1.35 1 0.75

(Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III) Use Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III. If Linda has $20 to spend on asparagus and shrimp, her utility- maximizing combination of the two goods is pound(s) of shrimps and pound(s) of asparagus. Shrimp (price of shrimp = $4 per pound) Marginal Utility per Pound of Shrimp Quantity of Shrimp 0 1 O 2 3 O 2;6 3; 4 1; 8 3:9 Utility from Shrimp 0 15 25 31 34 36 15 10 Marginal Utility per Dollar 3.75 2.50 1.50 0.75 0.50 Asparagus (price of asparagus - $2 per pound) Marginal Utility per Pound of Asparagus Quantity of Asparagus 0 1 2 7 8 9 10 Utility from Asparagus 0 11.5 21.4 29.8 36.8 42.5 47.0 50.5 53.2 55.2 56.7 W 11.5 9.9 8.4 7.0 5.7 4.5 3.5 2.7 2.0 1.5 Marginal Utility per Dollar 5.75 4.95 4.20 3.50 2.85 2.25 1.75 1.35 1 0.75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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