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Find the marginal utility of bacon

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Reference no: EM132667682

Suppose a person (who may or may not be your professor) has a utility function that depends on three things: bacon (B), Diet Dr Pepper (D), and Gibson's donuts (G). The utility function is u(B,D,G) = BαDβGδ, where α, β, and δ are between 0 and 1 and B, D, and G are always greater than or equal to 0.

1. Find the marginal utility of bacon.

2. Find the marginal utility of Gibson's donuts.

3. Suppose two people (person 1 and person 2) have this same utility function. Theyare consuming the same amount of bacon (B) and the same amount of donuts (G). However, person 1 is currently consuming more soda D than person 2 is. If we give each person one more slice of bacon to eat, which one will gain more extra utility from that slice of bacon? Why? Use math to justify your answer.

Reference no: EM132667682

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