Joe hae $49 to mpend on apples and oranges. Given the informaion in the following table, is Joe madmizing utility? Marginal Utility of Last Unit 音 Total Utility 1,250 1,200 Product Apples Oranges Price $0.50 $0.60 Quantity 50 lbs. 40 lbs. 25 30 Joe's marginal utility per dollar spent on apples is units of ublity per dollar. Joe's marginal utility per dollar spent on oranges is The total amount of his income Joes spends on apples and oranges is units of utility per dollar. dollars.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Joe hae $49 to spend on apples and oranges. Given the informaSon in the following table, is Joe maximizing utility?
Total
Utility
1,250
1,200
Marginal
Utility of Last
Unit
25
30
Product
Apples
Oranges
Price
$0.50
$0.60
Quantity
50 lbs.
40 lbs.
Joe's marginal utility per dollar spent on apples is units of ublity per dollar.
Joe's marginal utility per dollar spent on oranges is
The total amount of his income Joes spends on apples and oranges is
units of utility per dollar.
dollars.
Transcribed Image Text:Joe hae $49 to spend on apples and oranges. Given the informaSon in the following table, is Joe maximizing utility? Total Utility 1,250 1,200 Marginal Utility of Last Unit 25 30 Product Apples Oranges Price $0.50 $0.60 Quantity 50 lbs. 40 lbs. Joe's marginal utility per dollar spent on apples is units of ublity per dollar. Joe's marginal utility per dollar spent on oranges is The total amount of his income Joes spends on apples and oranges is units of utility per dollar. dollars.
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