Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly...

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Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20 entry fee. Biff realizes there is very little chance that he will actually win the contest. He just likes the idea of being able to eat all the hot dogs he wants. The table below shows Biff's utility from eating hot dogs. Instructions: Enter your answers as a whole number. If you are entering a negative number include a minus sign. a. Use the table below and fill in the values for marginal utility. Hot Dogs and Biff's Utility Hot Dogs Total Utility (utils) Marginal Utility (utils) 1 56 2 60 3 63 4 65 5 6 64 61 b. If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he will eat? What is the maximum level of utility Biff can reach from eating that number of hot dogs? Optimal number of hot dogs: Maximum utility: Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20 entry fee. Biff realizes there is very little chance that he will actually win the contest. He just likes the idea of being able to eat all the hot dogs he wants. The table below shows Biff's utility from eating hot dogs. Instructions: Enter your answers as a whole number. If you are entering a negative number include a minus sign. a. Use the table below and fill in the values for marginal utility. Hot Dogs and Biff's Utility Hot Dogs Total Utility (utils) Marginal Utility (utils) 1 56 2 60 3 63 4 65 5 6 64 61 b. If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he will eat? What is the maximum level of utility Biff can reach from eating that number of hot dogs? Optimal number of hot dogs: Maximum utility:

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a To find the marginal utility we need to calculate the change in total u... View the full answer