Question: 5. Given the data shown in table 1 on the total utilities of plain chocolate bar and milk chocolate bar. And given that the price

5. Given the data shown in table 1 on the total utilities of plain chocolate bar and milk chocolate bar. And given that the price of plain chocolate bar is 20 cents and the price of milk chocolate bar is 40 cents.

Quantity

Total Utility plain chocolate bar

Total Utility milk chocolate bar

1

22

16

2

43

31

3

63

45

4

81

58

5

97

70

6

111

81

7

123

91

8

133

100

  1. Calculate marginal utility for plain and milk chocolate bar.
  2. Calculate marginal utility per dollar spent for plain and milk chocolate bar.
  3. Draw total utility and marginal utility curves.

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