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Question
The below table gives the total utility Jamal derives from the consumption of coffee and cream puffs. Jamal has $12 to spend on these two confectionery goods. The price of a coffee is $3 and the price of a cream puff is $1.50
a) Complete the table
Coffee Cream puffs
Quantity
TU
MU
(MU/P)
0
1
126
54.0
2
243
103.5
3
342
145.5
4
414
177.0
5
441
196.5
b) Does this follow the Law of diminishing marginal utility? Explain why?
c) what is your optimal combination of coffee and cream puff?
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