Answer to Question 1
a) Danielle's marginal utility from the 4th novel is 560 - 450 = 110.
b) When Danielle buys 2 gallons of ice cream, she spends 5 2 = 10 on ice cream. So Danielle spends the rest of her budget, which is 50 - 10 = 40, on novels. Because the price of a novel is 10, she buys 40 10 = 4 novels. When Danielle buys 6 gallons of ice cream, she spends 5 6 = 30 on ice cream. So Danielle spends the rest of her budget, which is 50 - 30 = 20, on novels. Because the price of a novel is 10, she buys 20 10 = 2 novels. So her marginal utility from the second novel is 320 - 170 = 150 and, since the price of a novel is 10, the marginal utility per dollar is 150 10 = 15.
c) 4 gallons of ice cream and 3 novels is better. In both cases Danielle spends all her budget. But if she buys 4 gallons of ice cream and 3 novels, her total utility is 320 + 450 = 770, while if she buys 6 gallons of ice cream and 2 novels, her total utility is 420 + 320 = 740.
Answer to Question 2
D
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