From the data in problem 20-3, if the price of cheeseburger is $2, the price of a bag of French fries is $1, and you have $6 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries? 20-3 Where possible, complete the missing cells in the table below. Concept Introduction: Consumer Equilibrium condition: It states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2. Total Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of all goods or services. Marginal Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of additional good or service. Number of Cheese-burgers Total Utility of Cheese-burgers Marginal Utility of Cheese-burgers Money spent Bags of French Fries Total Utility of French Fries Marginal utility of French Fries Money spent 0 0 0 0 0 0 1 20 20 $2 1 10 10 $1 2 36 16 $2 2 18 8 $1 3 48 12 3 20 2 4 56 8 4 21 1 5 60 4 5 21 0 $1 on the1 s t bag of French fries $1 on the 2nd bag of French fries $2 on the 1st cheeseburger $2 on the 2nd cheeseburger

Question

Want to see the full answer?

Answer 1

Question

Chapter 20, Problem 4P

To determine

From the data in problem 20-3, if the price of cheeseburger is $2, the price of a bag of French fries is $1, and you have $6 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries?

20-3 Where possible, complete the missing cells in the table below.

Concept Introduction:

Consumer Equilibrium condition: It states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2.

Total Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of all goods or services.

Marginal Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of additional good or service.

Number of Cheese-burgers Total Utility of Cheese-burgers Marginal Utility of Cheese-burgers Money spent Bags of French Fries Total Utility of French Fries Marginal utility of French Fries Money spent
0 0 0 0 0 0
1 20 20 $2 1 10 10 $1
2 36 16 $2 2 18 8 $1
3 48 12 3 20 2
4 56 8 4 21 1
5 60 4 5 21 0

$1 on the1^s^t bag of French fries

$1 on the 2nd bag of French fries

$2 on the 1st cheeseburger

$2 on the 2nd cheeseburger

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 2

Question

Chapter 20, Problem 4P

To determine

From the data in problem 20-3, if the price of cheeseburger is $2, the price of a bag of French fries is $1, and you have $6 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries?

20-3 Where possible, complete the missing cells in the table below.

Concept Introduction:

Consumer Equilibrium condition: It states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2.

Total Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of all goods or services.

Marginal Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of additional good or service.

Number of Cheese-burgers Total Utility of Cheese-burgers Marginal Utility of Cheese-burgers Money spent Bags of French Fries Total Utility of French Fries Marginal utility of French Fries Money spent
0 0 0 0 0 0
1 20 20 $2 1 10 10 $1
2 36 16 $2 2 18 8 $1
3 48 12 3 20 2
4 56 8 4 21 1
5 60 4 5 21 0

$1 on the1^s^t bag of French fries

$1 on the 2nd bag of French fries

$2 on the 1st cheeseburger

$2 on the 2nd cheeseburger

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 4P

To determine

From the data in problem 20-3, if the price of cheeseburger is $2, the price of a bag of French fries is $1, and you have $6 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries?

20-3 Where possible, complete the missing cells in the table below.

Concept Introduction:

Consumer Equilibrium condition: It states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2.

Total Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of all goods or services.

Marginal Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of additional good or service.

Number of Cheese-burgers Total Utility of Cheese-burgers Marginal Utility of Cheese-burgers Money spent Bags of French Fries Total Utility of French Fries Marginal utility of French Fries Money spent
0 0 0 0 0 0
1 20 20 $2 1 10 10 $1
2 36 16 $2 2 18 8 $1
3 48 12 3 20 2
4 56 8 4 21 1
5 60 4 5 21 0

$1 on the1^s^t bag of French fries

$1 on the 2nd bag of French fries

$2 on the 1st cheeseburger

$2 on the 2nd cheeseburger

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 4P

To determine

From the data in problem 20-3, if the price of cheeseburger is $2, the price of a bag of French fries is $1, and you have $6 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries?

20-3 Where possible, complete the missing cells in the table below.

Concept Introduction:

Consumer Equilibrium condition: It states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2.

Total Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of all goods or services.

Marginal Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of additional good or service.

Number of Cheese-burgers Total Utility of Cheese-burgers Marginal Utility of Cheese-burgers Money spent Bags of French Fries Total Utility of French Fries Marginal utility of French Fries Money spent
0 0 0 0 0 0
1 20 20 $2 1 10 10 $1
2 36 16 $2 2 18 8 $1
3 48 12 3 20 2
4 56 8 4 21 1
5 60 4 5 21 0

$1 on the1^s^t bag of French fries

$1 on the 2nd bag of French fries

$2 on the 1st cheeseburger

$2 on the 2nd cheeseburger

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 4P

To determine

From the data in problem 20-3, if the price of cheeseburger is $2, the price of a bag of French fries is $1, and you have $6 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries?

20-3 Where possible, complete the missing cells in the table below.

Concept Introduction:

Consumer Equilibrium condition: It states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2.

Total Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of all goods or services.

Marginal Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of additional good or service.

Number of Cheese-burgers Total Utility of Cheese-burgers Marginal Utility of Cheese-burgers Money spent Bags of French Fries Total Utility of French Fries Marginal utility of French Fries Money spent
0 0 0 0 0 0
1 20 20 $2 1 10 10 $1
2 36 16 $2 2 18 8 $1
3 48 12 3 20 2
4 56 8 4 21 1
5 60 4 5 21 0

$1 on the1^s^t bag of French fries

$1 on the 2nd bag of French fries

$2 on the 1st cheeseburger

$2 on the 2nd cheeseburger

Answer 6

Chapter 20, Problem 4P

To determine

From the data in problem 20-3, if the price of cheeseburger is $2, the price of a bag of French fries is $1, and you have $6 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries?

20-3 Where possible, complete the missing cells in the table below.

Concept Introduction:

Consumer Equilibrium condition: It states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2.

Total Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of all goods or services.

Marginal Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of additional good or service.

Number of Cheese-burgers Total Utility of Cheese-burgers Marginal Utility of Cheese-burgers Money spent Bags of French Fries Total Utility of French Fries Marginal utility of French Fries Money spent
0 0 0 0 0 0
1 20 20 $2 1 10 10 $1
2 36 16 $2 2 18 8 $1
3 48 12 3 20 2
4 56 8 4 21 1
5 60 4 5 21 0

$1 on the1^s^t bag of French fries

$1 on the 2nd bag of French fries

$2 on the 1st cheeseburger

$2 on the 2nd cheeseburger

Answer 7

Chapter 20, Problem 4P

To determine

From the data in problem 20-3, if the price of cheeseburger is $2, the price of a bag of French fries is $1, and you have $6 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries?

20-3 Where possible, complete the missing cells in the table below.

Concept Introduction:

Consumer Equilibrium condition: It states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2.

Total Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of all goods or services.

Marginal Utility= It is the numerical value assigned to the level of satisfaction derived from consumption of additional good or service.

Number of Cheese-burgers Total Utility of Cheese-burgers Marginal Utility of Cheese-burgers Money spent Bags of French Fries Total Utility of French Fries Marginal utility of French Fries Money spent
0 0 0 0 0 0
1 20 20 $2 1 10 10 $1
2 36 16 $2 2 18 8 $1
3 48 12 3 20 2
4 56 8 4 21 1
5 60 4 5 21 0

$1 on the1^s^t bag of French fries

$1 on the 2nd bag of French fries

$2 on the 1st cheeseburger

$2 on the 2nd cheeseburger

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 20.F - Prob. 1P Ch. 20.F - Prob. 2P Ch. 20.F - Prob. 3P Ch. 20.F - Prob. 4P Ch. 20.F - Prob. 5P Ch. 20.F - Prob. 6P Ch. 20.F - Prob. 7P Ch. 20.F - Prob. 8P Ch. 20.F - Prob. 9P Ch. 20.F - Prob. 10P

Number of Cheese-burgers	Total Utility of Cheese-burgers	Marginal Utility of Cheese-burgers	Money spent	Bags of French Fries	Total Utility of French Fries	Marginal utility of French Fries	Money spent
0	0	0		0	0	0
1	20	20	$2	1	10	10	$1
2	36	16	$2	2	18	8	$1
3	48	12		3	20	2
4	56	8		4	21	1
5	60	4		5	21	0

Want to see the full answer?

Chapter 20 Solutions