Assume the price of large gulf shrimp

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Assume the price of large gulf shrimp is $18 per pound and that the price of hard shell Maine lobster tails is $36 per pound. Your professor uses ½ pound of lobster or ½ pound of shrimp with various pasta dishes. In a typical month he cooks 4 shrimp/pasta dinners and 1 lobster pasta dinner. Is his marginal utility of a lobster based dinner equal to the marginal utility of a shrimp dinner for him? If so, explain. If not, what is the approximate difference in MU of shrimp vs. lobster?

Reference no: EM13801695

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