Given the following information: Quantity (units) TU1 TU2 0 0 0 1 40 20 2 60 36 3 76 45 4 86 51 5 94 53 TU(Total utility) Assume that P1 = 4 naira per unit and P2= 10 naira per unit: a. What quantities of q1 and q2 does the consumer buy at the equilibrium point b. Calculate the total utility that he derives at that point. c. Calculate the budget line or income of the consumer

Given the following information: Quantity (units) TU1 TU2 0 0 0 1 40 20 2 60 36 3 76 45 4 86 51 5 94 53 TU(Total utility) Assume that P1 = 4 naira per unit and P2= 10 naira per unit: a. What quantities of q1 and q2 does the consumer buy at the equilibrium point b. Calculate the total utility that he derives at that point. c. Calculate the budget line or income of the consumer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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