Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $5.00 and $2.00respectively. What would be your optimal consumption bundle MARGINALUTILTY OFТОTALТОTALMARGINALUTILTY OFNUMBER OFUTILITY OFPIZZAUTILITYNUMBERBURGERSOF BURGERSBURGERSOF PIZZAPIZZA401401121240+32=722322208396243244108841644411286.120В.Suppose you had a budget of $20.00 and the prices of a burger and a slice of< >CO

Budget = $20 Price of burger = $5 Price of pizza slice = $2

Answered: Suppose you had a budget of $20.00 and…

Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $5.00 and $2.00respectively. What would be your optimal consumption bundle

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.3P

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Question

Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $5.00 and $2.00respectively.
What would be your optimal consumption bundle

MARGINAL
UTILTY OF
ТОTAL
ТОTAL
MARGINAL
UTILTY OF
NUMBER OF
UTILITY OF
PIZZA
UTILITY
NUMBER
BURGERS
OF BURGERS
BURGERS
OF PIZZA
PIZZA
40
1
40
1
12
12
40+32=72
2
32
2
20
8
3
96
24
3
24
4
108
8
4
16
4
4
4
112
8
6.
120
В.
Suppose you had a budget of $20.00 and the prices of a burger and a slice of
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CO

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