A util is the unit of utility measuring satisfaction or happiness. Assume that you have two consumption choices: gum and chocolate - each the same price. Each piece of chocolate will give you 4 utils of utility. The utility schedule of gum is given below. If you want maximize utility how many pieces of gum should you consume per day?
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Pieces of gum consumed per day | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
Total utility | 0 | 28 | 51 | 67 | 73 | 83 | 89 | 92.5 | 95 | 97 | 98 |