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temp321 temp321
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Table 10-4

​Steak & CheeseSteak & CheeseGrilled ChickenGrilled Chicken
Quantity MUMU/PMUMU/P
140103015
232  82412
320  516  8
412  312  6
5  6    1.5  8  4
6  2    0.5  4  2


Refer to Table 10-4. For steak and cheese sandwiches and grilled chicken sandwiches, the table contains the values of the marginal utility (MU) and marginal utility per dollar (MU/P) for Mabel Jarvis. Mabel has $14 to spend on steak and cheese sandwiches and grilled chicken sandwiches. Which of the following statements is true?

• If Mabel maximizes her utility, she will buy three steak and cheese sandwiches and two grilled chicken sandwiches.

• If Mabel was maximizing her utility when spending $14 and then received an additional $4, she would receive the most marginal utility per dollar if her next purchase was another grilled chicken sandwich.

• Mabel will first buy two steak and cheese sandwiches; then with her remaining $6 she will buy three grilled chicken sandwiches.

• To maximize her utility, Mabel will need a total of $36, the income needed to buy 6 steak and cheese sandwiches and 6 grilled chicken sandwiches.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
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