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EC Homework 4

# EC Homework 4 - Extra Credit Homework#4 Due October 25th by...

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Extra Credit Homework #4 : Due October 25 th by the end of class. Directions : All homework answers MUST be TYPED. No EMAIL SUBMISSIONS. The homework is collected in class. If you can’t be in class then send your homework with a friend or turn it in EARLY outside my office in the box labeled with the time your section begins. (1) (\$1000) You get the following utility (see the table below). You have \$60 to spend for a party. What combination of pizzas should you buy in order to maximize your utility? Number of pizzas purchased Marginal Utility from Canyon Pizza (\$8 large) Marginal Utility from Pizza Hut Pizza (\$12 large) 1 16 24 2 12 12 3 8 8 4 4 6 5 2 4 16/8 Canyon = 2 utils 24/12 Pizza Hut = 2 utils Both … \$20 spent total 12/8 Canyon = 1.5 utils 12/12 Pizza Hut = 1 util Canyon… 20 + 8 = \$28 spent 8//8/8 Canyon = 1 util 1212/12 Pizza Hut = 1 util Bb Both… 20 + 28 = \$48 spent D 4/8 Canyon = .5 util 8 8/12 Pizza Hut = 2/3 util P Pizza Hut… 12 + 48 = \$60 (2) (\$1000) Using the Economics in the Movies workbook, answer the following questions from
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