Marginal utility for hot dogs

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Reference no: EM136603

Q1. A third country, Fun land, also produces food and drinks. In Fun land, one resource unit produces 8 tons of food and 6 tons of drinks. Which of the following is true about Funland, Foodland, and Drinkland?

Q2. Dave currently consumes 10 hot dogs and 6 Sodas per week. At his current consumption basket, his marginal utility for hot dogs is 5 and his marginal utility for sodas is 3. If the price of one hot dog is $1 and the price of one soda is $0.50, is Dave currently maximizing his utility? If not, how should he reallocate his spending in order to increase utility?

Reference no: EM136603

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