Homework Answers
| Quantity | Total Utility for Steaks | Marginal Utility for Steaks | Marginal Utility per dollar(Marginal Utility for Steaks / $10) |
| 1 | 80 | - | - |
| 2 | 150 | 70 | 7 |
| 3 | 200 | 50 | 5 |
| 4 | 225 | 25 | 2.5 |
Steak cost = $10
Marginal Utility for Steaks = Total Utility for SteaksN - Total Utility for SteaksN-1
where N is quantity produced.
Marginal Utility per dollar = Marginal Utility for Steaks at quantity N / $10
Thus marginal utility per dollar for steak is 70 / 10 = 7
Option B is correct.
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