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PAJACK2456
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Q:
  1. Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of chees is $4 per pound. The last bottle of wine added 50 units to Bridget’s utility, while the last pound of cheese added 40 units.

 

  1. Is Bridget making the utility-maximizing choice? Why or why not?
  2. If not, what should she do instead? Why
 

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  • Posted on May. 28, 2012 at 07:29:55AM
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benssalem1
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A:
Preview: ... cheese, therefore we don't have enough information to do a true opportunity cost and marginal analysis. For all we know, she gets 10 units of utility from her next pound of cheese, which buying would decrease he ...
The full tutorial is about 189 words long .
 
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  • Posted on May. 28, 2012 at 07:31:55AM
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Preview: ... only 50 units of utility for her last bottle of wine, which cost $.20 per unit She got 40 units of utility for her last pound of cheese, which cost her only $.10 per unit. So, assuming both wine and cheese are infinitely divisible, which th ...
The full tutorial is about 226 words long .
 
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  • Posted on May. 28, 2012 at 07:35:52AM
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IamBack
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A:
Preview: ... $80 total budget differently, she could have bought 3 bottles of wine for $30 and gained more than 150 units if wine is subject to a straight diminishing returns related to quantity. Spending $50 on cheese would bought her 12.5 lbs of cheese, perhaps netting as much as 500 units of utility if the average utility were equal to the marginal utility for cheese. That gives her 650 units under the 3 bottle of wine option. At 4 bottles of wine she would have around 200 units of utility i ...
The full tutorial is about 445 words long .
 
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  • Posted on May. 28, 2012 at 07:42:42AM
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davidfire
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A:
Preview: ... e u that ...
The full tutorial is about 9 words long plus attachments.

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  • Posted on May. 28, 2012 at 08:00:09AM
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Preview: ... e an A+ ...
The full tutorial is about 10 words long plus attachments.

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