Consider two goods, plane tickets and juice. Suppose Tim is to choose the optimal quantities of both goods. Use the following dropdown selections to identify the utility-maximizing rule Tim should follow to choose the optimal quantities. (Note: In the answer options that follow, MU stands for "marginal utility.") Since juice costs less than plane tickets, it must follow that when Tim chooses optimal quantities of juice and plane tickets, the marginal utility received from the last plane ticket is than the marginal utility from the last gallon of juice.

Consider two goods, plane tickets and juice. Suppose Tim is to choose the optimal quantities of both goods. Use the following dropdown selections to identify the utility-maximizing rule Tim should follow to choose the optimal quantities. (Note: In the answer options that follow, MU stands for "marginal utility.") Since juice costs less than plane tickets, it must follow that when Tim chooses optimal quantities of juice and plane tickets, the marginal utility received from the last plane ticket is than the marginal utility from the last gallon of juice.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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