(Table: Optimal Choice of Yogurt and Cheese) Use Table: Optimal Choice of Yogurt and Cheese. The price of yogurt is $2 per unit, and the price of cheese is $4 per pound. Hailey's income is $16. Assuming that Hailey spends all of her income on cheese and yogurt, the combination of yogurt and cheese that will maximize her total utility is pounds of cheese and yogurt(s). Table: Utility from Yogurt and Cheese Number of yogurts -0 1 2 3 4 5 6 7 8 Total utility for yogurt 0 32 60 84 104 120 132 140 144 Pounds of cheese 0 1 2 3 4 5 678 Total utility for cheese 0 44 84 120 152 180 204 224 240

(Table: Optimal Choice of Yogurt and Cheese) Use Table: Optimal Choice of Yogurt and Cheese. The price of yogurt is $2 per unit, and the price of cheese is $4 per pound. Hailey's income is $16. Assuming that Hailey spends all of her income on cheese and yogurt, the combination of yogurt and cheese that will maximize her total utility is pounds of cheese and yogurt(s). Table: Utility from Yogurt and Cheese Number of yogurts -0 1 2 3 4 5 6 7 8 Total utility for yogurt 0 32 60 84 104 120 132 140 144 Pounds of cheese 0 1 2 3 4 5 678 Total utility for cheese 0 44 84 120 152 180 204 224 240

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 5SQP

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