After getting an A on your economics exam, you decide to go to your favorite Mexican restaurant to celebrate. You are having trouble deciding whether to order the chipotle chicken chimichanga or the cilantro seafood enchiladas.
Use the rule of equal marginal utility per dollar to determine which one to purchase: (a) the chimichanga for 8 which gives you 120 units of utility, or (b) the enchiladas for 15 which gives you 195 units of utility?
Question 2
After selling 1,000 three-ring binders Tony DiFulvio realizes that the marginal revenue from selling the last binder was less than the marginal cost. From this we can conclude that
A) Tony should shut down his business temporarily.
B) Tony's profit would be greater if he sold an additional three-ring binder.
C) Tony's business earns a short-run economic profit.
D) Tony's profit fell after selling his 1,000th three-ring binder.
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