(Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III) Use Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III. If Linda has $20 to spend on asparagus and shrimp, her utility- maximizing combination of the two goods is pound(s) of shrimps and pound(s) of asparagus. Shrimp (price of shrimp = $4 per pound) Marginal Utility per Pound of Shrimp Quantity of Shrimp 0 1 O 2 3 O 2;6 3; 4 1; 8 3:9 Utility from Shrimp 0 15 25 31 34 36 15 10 Marginal Utility per Dollar 3.75 2.50 1.50 0.75 0.50 Asparagus (price of asparagus - $2 per pound) Marginal Utility per Pound of Asparagus Quantity of Asparagus 0 1 2 7 8 9 10 Utility from Asparagus 0 11.5 21.4 29.8 36.8 42.5 47.0 50.5 53.2 55.2 56.7 W 11.5 9.9 8.4 7.0 5.7 4.5 3.5 2.7 2.0 1.5 Marginal Utility per Dollar 5.75 4.95 4.20 3.50 2.85 2.25 1.75 1.35 1 0.75
(Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III) Use Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III. If Linda has $20 to spend on asparagus and shrimp, her utility- maximizing combination of the two goods is pound(s) of shrimps and pound(s) of asparagus. Shrimp (price of shrimp = $4 per pound) Marginal Utility per Pound of Shrimp Quantity of Shrimp 0 1 O 2 3 O 2;6 3; 4 1; 8 3:9 Utility from Shrimp 0 15 25 31 34 36 15 10 Marginal Utility per Dollar 3.75 2.50 1.50 0.75 0.50 Asparagus (price of asparagus - $2 per pound) Marginal Utility per Pound of Asparagus Quantity of Asparagus 0 1 2 7 8 9 10 Utility from Asparagus 0 11.5 21.4 29.8 36.8 42.5 47.0 50.5 53.2 55.2 56.7 W 11.5 9.9 8.4 7.0 5.7 4.5 3.5 2.7 2.0 1.5 Marginal Utility per Dollar 5.75 4.95 4.20 3.50 2.85 2.25 1.75 1.35 1 0.75
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 4SQP
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Transcribed Image Text:(Table: Marginal Utility per Dollar Spent on Shrimp and Asparagus III) Use Table: Marginal Utility per
Dollar Spent on Shrimp and Asparagus III. If Linda has $20 to spend on asparagus and shrimp, her utility-
maximizing combination of the two goods is
pound(s) of shrimps and
pound(s) of asparagus.
Shrimp (price of shrimp = $4 per pound)
Marginal
Utility per
Pound of
Shrimp
Quantity
of
Shrimp
0
O
O
3
2; 6
3;4
1; 8
3; 9
Utility
from
Shrimp
0
15
25
31
34
36
15
10
6
m
N
Marginal
Utility
per Dollar
3.75
2.50
1.50
0.75
0.50
Asparagus (price of asparagus = $2 per pound)
Marginal
Utility per
Pound of
Asparagus
Quantity
of
Asparagus
0
1
2
3
4
6
7
9
10
Utility
from
Asparagus
0
11.5
21.4
29.8
36.8
42.5
47.0
50.5
53.2
55.2
56.7
M
11.5
9.9
8.4
7.0
5.7
4.5
3.5
2.7
2.0
1.5
Marginal
Utility
per Dollar
5.75
4.95
4.20
3.50
2.85
2.25
1.75
1.35
1
0.75
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