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Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?

Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter20: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 4CQ
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How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?

You want to maximize your utility and find your consumer optimum. Here is a table of your current situation: McDonald's drink: $1.00 McDonald's Big Mac: $5.00 Income: $11.00 Drink Total Utility 0 0 1 2 3 4 5 100 220 280 330 350 Big Mac 0 1 23 4 5 Total Utility 0 600 1100 1500 1600 1650 Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?
Transcribed Image Text:You want to maximize your utility and find your consumer optimum. Here is a table of your current situation: McDonald's drink: $1.00 McDonald's Big Mac: $5.00 Income: $11.00 Drink Total Utility 0 0 1 2 3 4 5 100 220 280 330 350 Big Mac 0 1 23 4 5 Total Utility 0 600 1100 1500 1600 1650 Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big Mac(s) should you purchase to reach consumer optimum?
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