Jane has a budget of $15 to spend at the local scientific store. Her two favorite items are beakers (Product X) which costs $3 and petri dishes (Peroduct Y) which costs $2. In the schedule below you can see the marginal utility for each of her favorite items. Which combination would maximize Jane's utility?
Jane has a budget of $15 to spend at the local scientific store. Her two favorite items are beakers (Product X) which costs $3 and petri dishes (Peroduct Y) which costs $2. In the schedule below you can see the marginal utility for each of her favorite items. Which combination would maximize Jane's utility?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Jane has a budget of $15 to spend at the local scientific store. Her two favorite items are beakers (Product X) which costs $3 and petri dishes (Peroduct Y) which costs $2. In the schedule below you can see the
| X | y | ||
| Quantity | MUx | Quantity | MUy |
| 1 | 40 | 1 | 24 |
| 2 | 28 | 2 | 20 |
| 3 | 24 | 3 | 16 |
| 4 | 20 | 4 | 12 |
| 5 | 1 | 5 | 8 |
a.) 3 beakers & 3 petri dishes
b.) 4 beakers & 2 petri dishes
c.) 5 beakers & 1 petri dishes
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