Louis is trying to decide what combination of cups and plates to buy. His budget is $12. Plates cost $4 each and cups cost $2 each. The numbers in the table represent total utility. Given his budget, which combination will maximize total utility? number of plates and cups. Quantity Plates Utility from Plates Quantity Cups Utility from Cups 1 33 15 2 3 4 5 6 64 93 103 112 123 1 2 3 4 5 6 27 42 54 65 75

Louis is trying to decide what combination of cups and plates to buy. His budget is $12. Plates cost $4 each and cups cost $2 each. The numbers in the table represent total utility. Given his budget, which combination will maximize total utility? number of plates and cups. Quantity Plates Utility from Plates Quantity Cups Utility from Cups 1 33 15 2 3 4 5 6 64 93 103 112 123 1 2 3 4 5 6 27 42 54 65 75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose you have a budget of 30 to spend on two goods: pizzas and burgers. Each pizza is $5 while each burger is $10. Suppose you already purchased 6 pizzas. What is the maximum number of burgers that you can buy with the remaining funds in your budget?
Use the table below to answer the following questions. Windsurfing equipment rents for $10 per hour and snorkeling equipment rents for $5 per hour. Table 8.3.1 Hours Total Utility Total Utility per Month from Windsurfing from Snorkeling A. 0.64 B. 28.6 C. 44.4 D. zero 1 E. 1.55 23410 2 Consider Devon's total utility from snorkeling and windsurfing in Table 8.3.1. Suppose that Devon's total income rises from $35 to $55, ceteris paribus. Given that Devon changes his choice of windsurfing and snorkeling, what is his income elasticity for windsurfing? Select one: 3 5 60 110 150 180 200 20 38 53 64 70 O
How would I do this?
Price for X is $1 and Y is $2. Budget is $9.        Good X                Good Y Quantity Marginal Utility Quantity Marginal Utility 1 8 1 10 2 7 2 8 3 6 3 6 4 5 4 4 5 4 5 3 6 3 6 2 7 2 7 1 To maximize utility, the consumer will buy how much of good X and how much of good Y?
Price for good A is $6 and good b is $8. Budget is $36.            Good A                         Good B Quantity Total Utility Quantity Total Utility 1 18 1 32 2 30 2 56 3 38 3 72 4 42 4 80 5 44 5 84 6 3 6 2 7 2 7 1 If the price of A decreases to $4, then the utility maximizing combination of the two products is what?
Price for good A is $6 and good b is $8. Budget is $36.            Good A                         Good B Quantity Total Utility Quantity Total Utility 1 18 1 32 2 30 2 56 3 38 3 72 4 42 4 80 5 44 5 84 6 3 6 2 7 2 7 1 How many units of the two products will the consumer buy?
None
A consumer who has spent all of her income on clothes and food and finds that her marginal-utility for clothes is 16 and marginal-utility for food is 20. If the price of clothes and food are both $4 . What should the consumer do for purchases to maximize total utility A. purchasing more clothes and less food B. purchasing more of both commodities C. purchasing less of both commodities D. purchasing more food and less clothes
do fast
True or false. A budget constraint, budget line or budget set is a graphical way to illustrate all possible combinations of two goods that a person can afford.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Picture is attatched.