(Table: Optimal Choice of Yogurt and Cheese) Use Table: Optimal Choice of Yogurt and Cheese. The price of yogurt is $2 per unit, and the price of cheese is $4 per pound. Hailey's income is $16. If she spends all of her income on cheese, the most she can buy is pounds of cheese, and her total utility will be Table: Utility from Yogurt and Cheese Number of yogurts 0 1 2 3 4 5 6 7 8 Total utility for yogurt 0 32 60 84 104 120 132 140 144 Pounds of cheese 0 1 2 3 4 5678 Total utility for cheese 0 44 84 120 152 180 204 224 240
(Table: Optimal Choice of Yogurt and Cheese) Use Table: Optimal Choice of Yogurt and Cheese. The price of yogurt is $2 per unit, and the price of cheese is $4 per pound. Hailey's income is $16. If she spends all of her income on cheese, the most she can buy is pounds of cheese, and her total utility will be Table: Utility from Yogurt and Cheese Number of yogurts 0 1 2 3 4 5 6 7 8 Total utility for yogurt 0 32 60 84 104 120 132 140 144 Pounds of cheese 0 1 2 3 4 5678 Total utility for cheese 0 44 84 120 152 180 204 224 240
Chapter21: Demand: Consumer Choic
Section: Chapter Questions
Problem 1E
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Transcribed Image Text:(Table: Optimal Choice of Yogurt and Cheese) Use Table: Optimal Choice of Yogurt and Cheese. The price of yogurt is $2
per unit, and the price of cheese is $4 per pound. Hailey's income is $16. If she spends all of her income on cheese, the
most she can buy is pounds of cheese, and her total utility will be
Table: Utility from Yogurt and Cheese
Number of
yogurts
0
1
2345678
O
O
O
8; 240
4; 22
6; 204
4; 152
Total utility
for yogurt
0
32
60
84
104
120
132
140
144
Pounds of
cheese
0
1
2
3
4
5
6
7
8
Total utility
for cheese
0
44
84
120
152
180
204
224
240
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