5. Given the data shown in table 1 on the total utilities of plain chocolate bar...

5. Given the data shown in table 1 on the total utilities of plain chocolate bar and milk chocolate bar. And given that the price of plain chocolate bar is 20 cents and the price of milk chocolate bar is 40 cents.

Quantity	TU plain chocolate bar	MU	MU per $ chocolate bar	TU milk chocolate bar	MU	MU per $ milk chocolate bar
1	8	-	-	8	-	-
2	14	6		13.25
3	18	4		18.25
4	21	3		23
5	22	1		27.5
6	24	2		31.75
7	25	1		35.75
8	23	-2		37

Calculate marginal utility for plain and milk chocolate bar.
Calculate marginal utility per dollar spent for plain and milk chocolate bar.
Draw total utility and marginal utility curves. Margin utility

Expert Solution

Rahul Sunny answered 2 years ago

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