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The table below shows Liz's total utility (TU) from candy bars and potato chips. Her budget is $4 per day. The price of a candy bar is $1.00 and the price of a bag of chips is $1.00.
Candy Bars Potato Chips
Q TU MU MU/P Q TU MU MU/P
0 0 4 22
1 10 3 19
2 19 2 15
3 27 1 8
4 29 0 0
a. Fill in the last two columns in each table. (Remember that the formula for marginal utility (MU) is: ΔTU/ΔQ.)
b. What combination of candy bars and potato chips should she consume in order to maximize her total utility? Carefully explain.
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