Calculate marginal utility and marginal utility per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 3 The Price of Cheese is 0.14 The Consumer's budget for wine and Cheese is 9.69 (CHEESE) (CHEESE) WEDGES OF CHEESE GLASSES (WINE) (WINE) (WINE) (CHEESE) OF WINE TOTAL UTILITY MARGINAL UTILITY MARGINAL TOTAL UTLITY MARGINAL UTILITY MARGINAL UTIUTdollar UTIUTY/dollar 70 10 Number Number Number Number 160 2. 35 Number 65 Number 41 225 Number Number Number Number 45 288 Number Number 61 48 349 The Quantity of Wine this consumer would buy to maximize utity is Number Number The Quantity of Cheese this consumer would buy to maximize utlity is: Number What is the consumer's Total Utility when optimized

Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 2QFR
icon
Related questions
Question
Calculate marginal utility and marginal utilty per dollar for the data provided in the table below: (round to two decimal places)
The Price of wine is 3
The Price of Cheese is 0.14
The Consumer's budget for wine and Cheese is 9.69
(CHEESE)
(CHEESE)
(CHEESE)
WEDGES
OF CHEESE
GLASSES
(WINE)
(WINE)
(WINE)
MARGINAL UTILITY
MARGINAL
MARGINAL UTILITY
MARGINAL
UTIUTY/dollar
OF WINE
TOTAL UTILITY
TOTAL UTILITY
UTIUTY/dollar
70
Number
Number
Number
Number
160
35
Number
65
Number
225
3.
41
Number
Number
Number
Number
45
288
Number
61
Number
48
349
The Quantity of Wine this consumer would buy to maximize utlity is: Number
Number
The Quantity of Cheese this consumer would buy to maximize utilit is :
What is the consumer's Total Utility when optimized: Number
10
Transcribed Image Text:Calculate marginal utility and marginal utilty per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 3 The Price of Cheese is 0.14 The Consumer's budget for wine and Cheese is 9.69 (CHEESE) (CHEESE) (CHEESE) WEDGES OF CHEESE GLASSES (WINE) (WINE) (WINE) MARGINAL UTILITY MARGINAL MARGINAL UTILITY MARGINAL UTIUTY/dollar OF WINE TOTAL UTILITY TOTAL UTILITY UTIUTY/dollar 70 Number Number Number Number 160 35 Number 65 Number 225 3. 41 Number Number Number Number 45 288 Number 61 Number 48 349 The Quantity of Wine this consumer would buy to maximize utlity is: Number Number The Quantity of Cheese this consumer would buy to maximize utilit is : What is the consumer's Total Utility when optimized: Number 10
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Utility Maximization
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
Economics
ISBN:
9781285635101
Author:
MCEACHERN
Publisher:
Cengage
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax