Question

Janice really likes potatoes. Potatoes cost $1.25 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30.

a. How many pounds of potatoes will she purchase?

b. What if she only had $2.00 to spend?

Answer 1

a. One pound of potatoes

Janice will purchase potatoes until the value of potatoes is less than the cost of potatoes or until her income has been exhausted.

	Cost ($)	Value ($)
1st pound	1.25	1.50
2nd pound	1.25	1.14
3rd pound	1.25	1.05
4th pound	1.25	0.30

From the table, we can see that the cost of 2^nd pound of potatoes is greater than its value.

Therefore, Janice will purchase only one pound of potatoes with her income of $5.00.

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b. Janice will purchase 1 pound of potatoes.

Janice only has $2.00 to spend on potatoes. She will purchase the first pound because it is worth $1.50 to her and it only costs $1.25. She would like to purchase the second pound, but she does not have the income to make this purchase.

Thus, Janice will purchase 1 pound of potatoes.