Exercise 1: If you know that Hind has a weekly income of 52 riyals and can spend the entire income on only two items: oranges and apples, with the price of oranges being 6 riyals and the price of apples being 2 riyals, based on the data provided in the following table, clarify the following: 1- What are the conditions for maximizing utility? 2- How can you achieve those conditions? Marginal Utility of Apples/Price 32 30 25 19 17 14 13 10 9 8 Marginal Utility of Oranges/ Price 20 18 16 14 12 10 8 6 5 4 Number of Units Consumed 1 2 3 4 5 6 7 8 9 10

Exercise 1: If you know that Hind has a weekly income of 52 riyals and can spend the entire income on only two items: oranges and apples, with the price of oranges being 6 riyals and the price of apples being 2 riyals, based on the data provided in the following table, clarify the following: 1- What are the conditions for maximizing utility? 2- How can you achieve those conditions? Marginal Utility of Apples/Price 32 30 25 19 17 14 13 10 9 8 Marginal Utility of Oranges/ Price 20 18 16 14 12 10 8 6 5 4 Number of Units Consumed 1 2 3 4 5 6 7 8 9 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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