The table shows Jerry's total utility from lottery ticketsand candy bars.The price of a lottery ticket is $2, the price of a candy bar is$4, and Jerry has $12 a week to spend.Calculate Jerry's marginal utility from the fourthlottery ticket and marginal utility per dollar when he buys 4lottery tickets. Calculate Jerry's marginal utility from thesecond candy bar and marginal utility per dollar when hebuys 2 candy bars>>> Answer to 1 decimal place.…………Jerry's marginal utility from the fourth lottery ticket isunits.The marginal utility per dollar from lottery tickets whenJerry buys 4 lottery tickets is units per dollar.Jerry's marginal utility from the second candy bar isunits.The marginal utility per dollar from candy bars when Jerrybuys 2 candy bars is units per dollar.CLottery ticketsTotalutility014243238Quantityper week01234Quantityper weekܘ ܝ ܚ ܚ ܂23Candy bars4Totalutility0100120134144

Marginal utility measures the change in total utility to the change in quantity consumed. i.e.,…

The table shows Jerry's total utility from lottery tickets and candy bars. The price of a lottery ticket is $2, the price of a candy bar is $4, and Jerry has $12 a week to spend. Calculate Jerry's marginal utility from the fourth ottery ticket and marginal utility per dollar when he buys 4 ottery tickets. Calculate Jerry's marginal utility from the second candy bar and marginal utility per dollar when he Duys 2 candy bars

The table shows Jerry's total utility from lottery tickets and candy bars. The price of a lottery ticket is $2, the price of a candy bar is $4, and Jerry has $12 a week to spend. Calculate Jerry's marginal utility from the fourth ottery ticket and marginal utility per dollar when he buys 4 ottery tickets. Calculate Jerry's marginal utility from the second candy bar and marginal utility per dollar when he Duys 2 candy bars

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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