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What is the optimal consumption bundle and marginal utility per dollar?
The optimal consumption bundle is the consumption bundle which maximizes a consumer's total utility specified his or her budget constraint.
The marginal utility per dollar spent onto a good or service is the additional utility through spending one more dollar on which good or service.
Marginal utility per dollar spent onto a good = marginal utility of one unit of the good/price of one unit of the good = MUgood/Pgood
Mikes' preferences for consumption and leisure may be represented by the Utility function: u(C, L) = ( C-200)*(L-80) . His marginal utilities of leisure and consumption are (C-200
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