a. Michelle has $7 to spend on makeup and clothes and wants to maximize her utility on her purchase. Based on the data in the table, how much makeup and clothes should Michelle purchase to maximize her utility. Show all working Quantity 1 2 2|3 456700 5 6 Makeup= $1 8 Total Utility 28 52 72 88 100 108 112 112 Clothes = $0.50 Quantity 1 2 3 4 5 6 7 8 Total Utility 12 22 30 36 40 42 42 40

a. Michelle has $7 to spend on makeup and clothes and wants to maximize her utility on her purchase. Based on the data in the table, how much makeup and clothes should Michelle purchase to maximize her utility. Show all working Quantity 1 2 2|3 456700 5 6 Makeup= $1 8 Total Utility 28 52 72 88 100 108 112 112 Clothes = $0.50 Quantity 1 2 3 4 5 6 7 8 Total Utility 12 22 30 36 40 42 42 40

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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