Answered: The table shows Jill’s utility schedule…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table shows Jill’s utility schedule for pancakes and coffee

# pancakes	total utility from pancakes	MU from last pancake	# cups of coffee	total utility from coffee	MU from last cup of coffee
1	10	10	1	12	12
2	18		2	22
3	24		3	30
4	28		4	36
5	30		5	40
6	30		6	42

Suppose that the price of pancakes is $2/pancake, and the price of coffee is $2/cup. She has only $10 to spend on these two goods. What is her utility-maximizing bundle of pancakes and coffee?

The table gives a utility schedule for Anton.

Number of Doughnuts	Total Utility
1	12
2	33
3	43
4	50
5	56
6	60

What important property does Anton's utility exhibit?

Group of answer choices

additive utility

ignoring sunk cost

rational optimization

diminishing marginal utility

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