Utility question (Economics)?
You and nine friends are dining at a local restaurant. You plan to split the bill
equally at the end of the evening – each of you will pay one tenth of the total.
There are two meal choices: the Fish and the Chicken. The following table
gives the value of each meal to you (i.e., the maximum you would be willing to
pay for such a meal) and the price of each meal.
Meal Fish Chicken
Value $15 $12
Price $20 $10
In order to maximise your consumer surplus you should
(A) defnitely choose the Fish.
(B) defnitely choose the Chicken.
(C) choose the Chicken if everyone else chooses the Chicken.
(D) choose the Fish only if everyone else chooses the Chicken.