Joe Is Maximizing Utility by Consuming Three Colas at $2

question 58

Multiple Choice

Joe is maximizing utility by consuming three colas at $2 apiece and four hot dogs. The last cola gave him 200 units of utility, and the last hot dog gave him 300 units of utility. The price of each hot dog is:

• A) $3.00.
• B) $1.50.
• C) $1.00.
• D) $0.50.

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Definitions:

Row and Column

Fundamental structural elements of spreadsheets and tables, where rows run horizontally, and columns run vertically.

Cell

In spreadsheet software, a cell is the intersection point of a column and row, used to enter and store data.

Word Matrix

A grid or table structure used to organize and display words or phrases for analysis or comparison.

Rows

Horizontal divisions within a table or spreadsheet, used for organizing data or information into a structured format.