Answered: Five consumers have the following…

Five consumers have the following marginal utility of apples and pears: Claire Phil Haley Alex Luke Marginal Utility of Apples 6 6 6 3 3 ww Marginal Utility of Pears 12 16362

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Five consumers have the following marginal utility of
apples and pears:
Claire
Phil
Haley
Alex
Luke
Marginal Utility
of Apples
6
6633
Marginal Utility
of Pears
12
6
3
6
12
The price of an apple is $1, and the price of a pear is
$2. Which, if any, of these consumers are optimizing
over their choice of fruit? For those who are not, how
should they change their spending?

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