Arnie Ziffel Has $20 Per Week to Spend on Any

question 378

Essay

Arnie Ziffel has $20 per week to spend on any combination of pineapples and green tea.The price of a pineapple is $4 and the price of a bottle of green tea is $2.The table below shows Arnie's utility values.Use the table to answer the questions that follow the table.
$\begin{array}{|c|c|c|c|c|c|c|c|}\hline \begin{array}{c}\text { Quantity } \\\text { of } \\\text { Pineapples }\end{array} & \begin{array}{c}\text { Total } \\\text { Utility }\end{array} & \begin{array}{c}\text { Marginal } \\\text { Utility }\end{array} & \begin{array}{c}\text { Marginal } \\\text { Utility per } \\\text { Dollar }\end{array} & \begin{array}{c}\text { Quantity } \\\text { of Green } \\\text { Tea }\end{array} & \begin{array}{c}\text { Total } \\\text { Utility }\end{array} & \begin{array}{c}\text { Marginal } \\\text { Utility }\end{array} & \begin{array}{c}\text { Marginal } \\\text { Utility per } \\\text { Dollar }\end{array} \\\hline 1 & 32 & & & 1 & 28 & & \\\hline 2 & 52 & & & 2 & 46 & & \\\hline 3 & 64 & & & 3 & 54 & & \\\hline 4 & 68 & & & 4 & 60 & & \\\hline 5 & 70 & & & 5 & 64 & & \\\hline 6 & 71 & & & 6 & 66 & & \\\hline 7 & 71 & & & 7 & 67 & & \\\hline\end{array}$
a.Complete the table by filling in the blank spaces.
b.Suppose Arnold purchases 4 pineapples and 2 bottles of green tea.Is he consuming the optimal consumption bundle? If so,explain why.If not,what combination should he buy and why?

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Definitions:

Future Value

The value of a current asset at a specified date in the future based on an assumed rate of growth over time.

Contract Rate

The agreed-upon price or interest rate outlined in a contract for services or loans.

Installment Notes

A form of debt that requires the borrower to make scheduled periodic payments of principal and interest over a set period until the debt is paid off.

Interest

The cost of borrowing money or the return earned on an investment, typically expressed as an annual percentage of the principal.