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Directions: You are standing in line in a pizza restaurant with [tex]$\$[/tex] 10[tex]$ in your pocket. You are really hungry and want to get the most (maximum utility) out of your dinner money. Your job is to decide on what to order. You can order any combination of items as long as you stay within your $[/tex]\[tex]$ 10$[/tex] budget. The menu has the following items:

- Salad [tex]$=\$[/tex] 4[tex]$
- Pizza slice $[/tex]=\[tex]$ 3$[/tex]
- Medium drink [tex]$=\$[/tex] 2[tex]$
- Cookie $[/tex]=\[tex]$ 1$[/tex]

Before you order, think about how much enjoyment each item has for you. You may not like vegetables, or you may be really thirsty! Make sure to consider how much a second portion of each item is worth considering that you will likely have to forego another item that you may also like in order to get it. So, if you order a soda and two slices of pizza, your decision shows that the marginal utility, or amount of enjoyment, that the second slice of pizza brings is greater than the utility of a salad. By the way, this restaurant does not serve tap water!

Complete the chart below. Then, in the last column, explain why you made the selections you did as well as why you left anything off your order (if appropriate). Be sure to use complete sentences and proper grammar.

\begin{tabular}{|l|l|l|l|l|}
\hline
Item & \begin{tabular}{c}
Cost \\
per unit
\end{tabular} & \begin{tabular}{c}
Number \\
of units
\end{tabular} & \begin{tabular}{c}
Total \\
price
\end{tabular} & Why you made this decision \\
\hline
Salad & [tex]$\$[/tex] 4[tex]$ & & & \\
\hline
Pizza slice & $[/tex]\[tex]$ 3$[/tex] & & & \\
\hline
Medium drink & [tex]$\$[/tex] 2[tex]$ & & & \\
\hline
Cookie & $[/tex]\[tex]$ 1$[/tex] & & & \\
\hline
\end{tabular}

Sagot :

GinnyAnsweridn
Sure, let's complete the chart step-by-step with detailed explanations:

[tex]\[ \begin{tabular}{|l|l|l|l|l|} \hline Item & \text{Cost per unit} & \text{Number of units} & \text{Total price} & \text{Why you made this decision} \\ \hline Salad & \$4 & 0 & \$0 & I decided not to order any salads because I wanted to maximize my enjoyment with items I prefer more. Salads are not my favorite. \\ \hline Pizza slice & \$3 & 2 & \$6 & I ordered 2 pizza slices because I enjoy pizza the most. The first slice is very enjoyable, and the second slice is also of high utility compared to other items. \\ \hline Medium drink & \$2 & 1 & \$2 & I ordered 1 medium drink to stay hydrated. While I like drinks, I prioritize pizza over it but still included one for variety and necessity. \\ \hline Cookie & \$1 & 2 & \$2 & I got 2 cookies because I enjoy them as a small dessert, and they are cost-effective, allowing me to stay within my budget while adding a sweet treat to my meal. \\ \hline \end{tabular} \][/tex]

Generating the final order summary:

- Salad: [tex]\( \$4 \times 0 = \$0 \)[/tex]
- Pizza slices: [tex]\( \$3 \times 2 = \$6 \)[/tex]
- Medium drink: [tex]\( \$2 \times 1 = \$2 \)[/tex]
- Cookies: [tex]\( \$1 \times 2 = \$2 \)[/tex]

The total cost is [tex]\(\$0 + \$6 + \$2 + \$2 = \$10\)[/tex]. This order uses my entire \$10 budget efficiently, focusing on maximizing enjoyment based on my preferences for pizza, drinks, and cookies while foregoing salad due to lower personal preference utility.
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