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 |
|
| ||
| 2 | 43 | 31 | ||
| 3 | 63 | 45 | ||
| 4 | 81 | 58 | ||
| 5 | 97 | 70 | ||
| 6 | 111 | 81 | ||
| 7 | 123 | 91 | ||
| 8 | 133 | 100 |
- Calculate marginal utility for plain and milk chocolate bar.
- Calculate marginal utility per dollar spent for plain and milk chocolate bar.
- Draw total utility and marginal utility curves.
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