The following table shows Madison 's utility from consumingpopcorn and...

The following table showsâ€‹ Madison's utility from consuming popcorn and Coke. Suppose that Madison has income...

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Economics

The following table showsâ€‹ Madison's utility from consumingpopcorn and Coke. Suppose that Madison has income of â€‹$10.50â€‹,
the price of popcorn is â€‹$3.00, and the price of Coke isâ€‹$2.25.
If Madison wants to maximize herâ€‹ utility, how much popcorn andCoke should sheâ€‹ buy?
Popcorn
Coke
Quantity
Marginal Utility
Marginal Utility
1
192
144
2
144
108
3
96
72
4
48
36
5
24
18
6
12
9
Madison should buy (blank) boxes of popcorn and (blank) cans ofCoke. â€‹(Enter your responses asâ€‹ integers.)
Enter your answer in each of the answer boxes.

Answer & Explanation Solved by verified expert

4.4 Ratings (751 Votes)

There are two goods Popcorn and Coke Price of Popcorn 3 Price of Coke 225 From the given table of MU of popcorn and coke calculate MU per dollar MU per dollar MU Price Quantity Popcorn Coke Marginal Utility MUPrice of See Answer

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	Popcorn	Coke
Quantity	Marginal Utility	Marginal Utility
1	192	144
2	144	108
3	96	72
4	48	36
5	24	18
6	12	9