The table shows Jill’s utility schedule for pancakes and coffee # pancakes total utility from pancakes MU from last pancake # cups of coffee total utility from coffee MU from last cup of coffee 1 10 10 1 12 12 2 18 2 22 3 24 3 30 4 28 4 36 5 30 5 40 6 30 6 42 What is Jill’s marginal utility of consuming the 6th pancake? The table shows Jill’s utility schedule for pancakes and coffee # pancakes total utility from pancakes MU from last pancake # cups of coffee total utility from coffee MU from last cup of coffee 1 10 10 1 12 12 2 18 2 22 3 24 3 30 4 28 4 36 5 30 5 40 6 30 6 42 Suppose that the price of pancakes is $1/pancake, and the price of coffee is $2/cup. She has only $5 to spend on these two goods. What is her utility-maximizing bundle of pancakes and coffee?
The table shows Jill’s utility schedule for pancakes and coffee
|
# pancakes |
total utility from pancakes |
MU from last pancake |
|
# cups of coffee |
total utility from coffee |
MU from last cup of coffee |
|
|
1 |
10 |
10 |
|
1 |
12 |
12 |
|
|
2 |
18 |
|
|
2 |
22 |
|
|
|
3 |
24 |
|
|
3 |
30 |
|
|
|
4 |
28 |
|
|
4 |
36 |
|
|
|
5 |
30 |
|
|
5 |
40 |
|
|
|
6 |
30 |
|
|
6 |
42 |
|
|
What is Jill’s
The table shows Jill’s utility schedule for pancakes and coffee
|
# pancakes |
total utility from pancakes |
MU from last pancake |
|
# cups of coffee |
total utility from coffee |
MU from last cup of coffee |
|
|
1 |
10 |
10 |
|
1 |
12 |
12 |
|
|
2 |
18 |
|
|
2 |
22 |
|
|
|
3 |
24 |
|
|
3 |
30 |
|
|
|
4 |
28 |
|
|
4 |
36 |
|
|
|
5 |
30 |
|
|
5 |
40 |
|
|
|
6 |
30 |
|
|
6 |
42 |
|
|
Suppose that the price of pancakes is $1/pancake, and the price of coffee is $2/cup. She has only $5 to spend on these two goods. What is her utility-maximizing bundle of pancakes and coffee?
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