What combination of cookies and milk will provide jill

Reference no: EM13213033

Economists refer to consumer satisfaction as utility and use "utils" to measure consumer utility. Jill enjoys cookies and milk as a snack. Below is a table showing Jill's utility from consuming cookies and milk: Total Utility (Utils) 0, 1, 2, 3, 4 # Cookies 0,300,500,600,650 Utils 0,1,2,3,4 # Milk: 0,600,700,720,730 If a cookie costs $1 and a glass of milk is $1, what combination of cookies and milk will provide Jill with the greatest total utility if she has $5 to expend? Now suppose that a cookie costs $1 and a glass of milk costs $2. Is Jill in consumer equilibrium if she consumes one cookie and one glass of milk?

Reference no: EM13213033

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