Principles of Microeconomics
Principles of Microeconomics
Assignment Instructions: I need help with a discussion post.
Prior to beginning work on this discussion forum, review Chapter 5, Demand and Consumer Choice of your textbook, Principles of Microeconomics. Suppose that you are organizing a birthday party and you have a budget of $100. You can buy some combinations of chips and coke with that $100. Currently, the marginal utility you receive from the last unit of chips is 50 and the price of chips is $5 and the marginal utility you receive from the last unit of coke is 30 and the price of coke is $1. Based on this scenario, discuss the following in a minimum of 300 words:
-Describe what the terms utility and marginal utility mean in economics.
-Explain whether you are currently maximizing your utility.
-Describe the process by which you can maximize your utility in this example.
-Discuss how we can derive a demand curve for chips and coke.
Chapter 5-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch05sec5.1
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