6. Product ChoicesYou are trying to figure out what combination of Products A and B to buy, given thatyou currently have an income of $800 to spend. The price of product A is$200, while the price of product B is $100.Below is a list of the total and marginal utility you derive from consuming bothproducts.Quantity Total Utility_Marginal Utility07134Complete parts a, b, and c.PRODUCT AC.2000600016001400PRODUCT BQuantity Total Utility Marginal Utility1234====900700500300a.Fill in the blanks in the table above.b. Given your income of $800, what combination of the two products will youpurchase?At what rate does the total utility increase (constant, decreasing, or increasing)?Explain why.

The marginal utility refers to the change in the total utility when one additional unit of good is…

5. Product Choices You are trying to figure out what combination of Products A and B to buy, given that you currently have an income of $800 to spend. The price of product A is $200, while the price of product B is $100. Below is a list of the total and marginal utility you derive from consuming both products. Complete parts a, b, and c. PRODUCT A Quantity Total Utility_Marginal Utility 0 1 2 0 2000 ------ 1600 1.100 PRODUCT B Quantity Total Utility Marginal Utility 0 0 1 2 2 ---- 900 700 500

5. Product Choices You are trying to figure out what combination of Products A and B to buy, given that you currently have an income of $800 to spend. The price of product A is $200, while the price of product B is $100. Below is a list of the total and marginal utility you derive from consuming both products. Complete parts a, b, and c. PRODUCT A Quantity Total Utility_Marginal Utility 0 1 2 0 2000 ------ 1600 1.100 PRODUCT B Quantity Total Utility Marginal Utility 0 0 1 2 2 ---- 900 700 500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

6. Product Choices
You are trying to figure out what combination of Products A and B to buy, given that
you currently have an income of $800 to spend. The price of product A is
$200, while the price of product B is $100.
Below is a list of the total and marginal utility you derive from consuming both
products.
Quantity Total Utility_Marginal Utility
0
71
3
4
Complete parts a, b, and c.
PRODUCT A
C.
2000
6000
1600
1400
PRODUCT B
Quantity Total Utility Marginal Utility
1
2
3
4
====
900
700
500
300
a.
Fill in the blanks in the table above.
b. Given your income of $800, what combination of the two products will you
purchase?
At what rate does the total utility increase (constant, decreasing, or increasing)?
Explain why.

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