Jake allocates his budget of $24 per week among three goods. Use the following table of marginal utilities for good A, good B, and good C to answer the questions below. QAMUAQBMUBQCMUC15017512524026022033034031542043041051552057.5 If the price of A is $2, the price of B is $3, and the price of C is $1, how much of each does Jake purchase in equilibrium?

Answered: Jake allocates his budget of $24 per…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume that Raymond has $ 37.00 to spend on pretzels and beer. The price of pretzels is $3.00 and the price of beer is $5.00. Marginal utilities for each good are given below. Units MU P MU P / P P MU B MU B / P B 1st 18 6 40 8 2nd 15 5 30 6 3rd 12 4 25 5 4th 9 3 20 4 5th 6 2 15 3 6th 3 1 5 1 If Raymond were given an additional $ and he could be pretzels and beer in fractional quantities he would spend that $…

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Q_A	MU_A	Q_B	MU_B	Q_C	MU_C
1	50	1	75	1	25
2	40	2	60	2	20
3	30	3	40	3	15
4	20	4	30	4	10
5	15	5	20	5	7.5