Quantity of Product Utility Utility A 1 2 3 4 5 6 7 Total Marginal Utility 16 30 42 52 60 66 70 Marginal Quantity of Product Utility Utility B 1 2 3 4 16 14 12 10 8 6 4 per Dollar ? ? ? ? ? ? ? 5 6 7 Marginal Total Marginal Utility 30 46 61 75 88 100 111 30 16 15 14 13 12 11 per Dollar ? ? ? ? ? ? ? Your buddy Joseph wants your advice. He presents you with his utility schedule above and want to know how many units of Product B he should purchase to maximize his utility. He tells you the price of Product A is $4 and the price of Product B is $5. Joseph informs you he only wants to spend a total $27 on both products. How many units of Product B do you tell Joseph to purchase?

Quantity of Product Utility Utility A 1 2 3 4 5 6 7 Total Marginal Utility 16 30 42 52 60 66 70 Marginal Quantity of Product Utility Utility B 1 2 3 4 16 14 12 10 8 6 4 per Dollar ? ? ? ? ? ? ? 5 6 7 Marginal Total Marginal Utility 30 46 61 75 88 100 111 30 16 15 14 13 12 11 per Dollar ? ? ? ? ? ? ? Your buddy Joseph wants your advice. He presents you with his utility schedule above and want to know how many units of Product B he should purchase to maximize his utility. He tells you the price of Product A is $4 and the price of Product B is $5. Joseph informs you he only wants to spend a total $27 on both products. How many units of Product B do you tell Joseph to purchase?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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