c. If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he wi
ll eat
1 answer:
Answer:
8 units of Hot dog
Step-by-step explanation:
Total utility refers to the utility in which the is satisfaction after consuming the multiple units from a good or a service
As we can see from the attached figure that at the number of 8 hot dogs the total utility is maximum i.e 55
Therefore in the given case, the optimal number of hot dogs he will eat is 8 as at this point the total utility is more as compared to the other utilities
You might be interested in
Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above
solve for r
convert to percentage (multiply by 100)