The table below indicates the utility which Jing gets from eating cookies: Cookies consumed Total utility 0 1 2 3 0 5 9 12 4 13 If a cookie costs 99p but Jing is willing to pay £1.10, what is the value of the marginal consumer surplus from buying a cookie, and what is the marginal utility of the 3rd cookie? O a. 11p, 3 O b.£1.10, 12 O c. 99p, 3 O d. 11p, 12

The table below indicates the utility which Jing gets from eating cookies: Cookies consumed Total utility 0 1 2 3 0 5 9 12 4 13 If a cookie costs 99p but Jing is willing to pay £1.10, what is the value of the marginal consumer surplus from buying a cookie, and what is the marginal utility of the 3rd cookie? O a. 11p, 3 O b.£1.10, 12 O c. 99p, 3 O d. 11p, 12

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.1P

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