a The values for Columns 2, 3, 6, and 7 come from Problem 1 (see above) Use the following information and the other data to complete columns 4 and 8 the price of a cheeseburger is $2, the price of a bag of French fries is $1 b If you have $11 to spend (and you spend all of it), what is the utility maximizing combination of cheeseburgers and French fries (1) (2) (3) (4) (5) (6) (7) (8) MU per MU per Marginal Utility of Cheese Total Total Marginal Utility of Utility of Bags of (MU Pd) French Number of Utility of Dollar Dollar Cheese Cheese French French (MU Pd) burgers burger burgers Price $2 Fries Fries Fries Price $1 1 14 14 7 1 15 15 15 2 24 10 5 2 23 8 8 3 32 8 4 3 29 6 6 4 38 6 3 4 35 6 8 5 42 4 2 5 39 4 4 6 44 2 1 6 39

Question: a. The values for Columns 2, 3, 6, and 7 come from Problem 1 (see above). Use the following information and the other data to

a. The values for Columns 2, 3, 6, and 7 come from Problem 1 (see above). Use the following information and the other data to complete columns 4 and 8: the price of a cheeseburger is $2, the price of a bag of French fries is $1.
(1) (2) (3) (4) (5) (6) (7) (8) MU per MU per

b. If you have $11 to spend (and you spend all of it), what is the utility-maximizing combination of cheeseburgers and French fries?

Problem 1 Complete the missing cells in the following table. See pages 438 - 441. Total Utility of Number of Cheese- burgers

(1) (2) (3) (4) (5) (6) (7) (8) MU per MU per Marginal Utility of Cheese- Total Total Marginal Utility of Utility of Bags of (MU/Pd) French Number of Utility of Dollar Dollar Cheese- Cheese- French French (MU/Pd) burgers burger burgers Price =$2 Fries Fries Fries Price=$1 1 14 14 7 1 15 15 15 2 24 10 5 2 23 8 8 3 32 8. 4 3 29 6 6 4 38 6 3 4 35 6 8. 5 42 4 2 5 39 4 4 6 44 2 1 6 39

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