Marginal utility and marginal utility over price

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Reference no: EM131298768

You are hungry and thirsty, but only have $11.00 in your wallet/purse. You want to maximize your utility and find your consumer optimum. Here is a table of your current situation:

McDonald's Any Size drink: $1.00

McDonald's Chicken Nuggets: $5.00

Drink Total Utility Chicken Nuggets Total Utility

0 0 0 0

1 100 1 600

2 220 2 1100

3 280 3 1500

4 330 4 1600

5 350 5 1650

Calculate the Average Utility, Marginal Utility and Marginal Utility over Price (MU/P) and find Consumer Optimum.

How many drink(s) and chicken nugget(s) should you purchase to reach consumer optimum?

Reference no: EM131298768

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