MUA =z = 30 - 4x MUB = z = 20 - 5y, where z is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $7 to spend on A and B-that is, x+ y 7. Instructions: Enter your answers as a whole number. a. How is the $7 best allocated between A and B? ]on A and $ [ on B b. How much utility will the marginal dollar yield?

MUA =z = 30 - 4x MUB = z = 20 - 5y, where z is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $7 to spend on A and B-that is, x+ y 7. Instructions: Enter your answers as a whole number. a. How is the $7 best allocated between A and B? ]on A and $ [ on B b. How much utility will the marginal dollar yield?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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