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Suppose that strawberries sell for $3 per basket. Jim is considering whether to buy zero, one, two, three, or four baskets. On your own, create a plausible set of total and marginal utility numbers for the different quantities of strawberries (as we did for pizza in Table 1), and arrange them in a table. From your table, calculate how many baskets Jim would buy.

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

Solutions

Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 5, Problem 4TY
Textbook Problem
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Suppose that strawberries sell for $3 per basket. Jim is considering whether to buy zero, one, two, three, or four baskets. On your own, create a plausible set of total and marginal utility numbers for the different quantities of strawberries (as we did for pizza in Table 1), and arrange them in a table. From your table, calculate how many baskets Jim would buy.

To determine

The number of baskets of strawberries purchased by Jim with the help of table.

Explanation of Solution

Table with the help of information given in table 1 of the textbook is following:

Price ($)QuantityTotal utility (TU)Marginal utility (MU)Marginal net utility (MU-P)
3 0 10
3 1 15 5 2
3 2 19 4 1
3 3 22 3 0
3 4

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