We appreciate your visit to Researchers have investigated the preferences over dinner and they have found that they take the following form U 35 Chicken 99 Steak 77 Fish 15. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
The consumer is willing to pay $99 to get one more pound of steak.
The given equation represents the consumer's preferences over dinner. The utility function is expressed as U = -35 Chicken + 99 Steak + 77 Fish - 15 Costs, where Costs represents the cost of the dinner, Chicken represents the amount of chicken in pounds, Steak represents the amount of steak in pounds, and Fish represents the amount of fish in pounds.
To determine how many dollars the consumer is willing to pay for one more pound of steak, we need to focus on the coefficient of the Steak term in the utility function. In this case, the coefficient is 99. This means that for every additional pound of steak, the consumer is willing to pay $99.
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