Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $1.5 and $3, respectively, and that the consumer's income is $18 Units of L Total Utility Units of M Total Utility 1 9 1 16 2 15 2 28 3 18 3 36 4 20 4 40 5 21 5 42 What level of total utility does the rational consumer realize in equilibrium? Multiple Choice 182 utils 63 utils 60 utils 51 utils
Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $1.5 and $3, respectively, and that the consumer's income is $18 Units of L Total Utility Units of M Total Utility 1 9 1 16 2 15 2 28 3 18 3 36 4 20 4 40 5 21 5 42 What level of total utility does the rational consumer realize in equilibrium? Multiple Choice 182 utils 63 utils 60 utils 51 utils
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 3WNG
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Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $1.5 and $3, respectively, and that the consumer's income is $18
Units of L | Total Utility | Units of M | Total Utility |
---|---|---|---|
1 | 9 | 1 | 16 |
2 | 15 | 2 | 28 |
3 | 18 | 3 | 36 |
4 | 20 | 4 | 40 |
5 | 21 | 5 | 42 |
What level of total utility does the rational consumer realize in equilibrium?
Multiple Choice
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