The following table shows Erica's utility for muffins and grapefruit.
-Refer to the above information to answer this question.If Erica has a budget of $8 and the price of both muffins and grapefruit are $1,what will be the total utility of her optimal purchase?
Definitions:
Consideration
In contract law, it refers to something of value, such as money, services, or goods, exchanged between parties as part of an agreement.
Promissory Estoppel
A legal principle that prevents a party from withdrawing a promise made to another if the latter has reasonably relied on that promise to their detriment.
Reasonable Reliance
A principle where a party acts based on the representation or promise of another, believing it to be true.
Bilateral Contract
An agreement involving two parties where each promises to perform an act in exchange for the other's act.
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