Optimum level of consumption and budget allocation

Reference no: EM1316947

Optimal consumption. The following Table describes the demand for tickets to the opera, during the two=-week season.

Price	Ticket	Total Utility	Price/marginal Utility
$50	1	100
40	2	180
30	3	240
20	4	280
10	5	300

1. Complete the table.

2 .Explain your answer to part A.

3. What is the optimal level of opera consumption if the marginal utility derived from the consumption of movie tickets during the same two-week period costs $0.25 per unit?

Reference no: EM1316947

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