Refer to the table at the right. If your entire budget is $12, then utility is maximized with consumption of OA 6 bags of peanuts and 6 bags of popcom OB. 7 bags of peanuts and 5 bags of popcom OC. 5 bags of peanuts and 7 bags of popoom OD. 5 bags of peanuts and 6 bags of popcom. OE. 6 bags of peanuts and 5 bags of popcom. Peanuts (11 per bag) Quantity (bage) 2 3 4 Total Utility 20 32 42 48 62 54 65 Popcorn (31 per bag) Quantity (bage) 2 3 4 5 Total Utility 14 24 32 37 40 42 43

Refer to the table at the right. If your entire budget is $12, then utility is maximized with consumption of OA 6 bags of peanuts and 6 bags of popcom OB. 7 bags of peanuts and 5 bags of popcom OC. 5 bags of peanuts and 7 bags of popoom OD. 5 bags of peanuts and 6 bags of popcom. OE. 6 bags of peanuts and 5 bags of popcom. Peanuts (11 per bag) Quantity (bage) 2 3 4 Total Utility 20 32 42 48 62 54 65 Popcorn (31 per bag) Quantity (bage) 2 3 4 5 Total Utility 14 24 32 37 40 42 43

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 2SCQ: Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to...

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Refer to the table at the right. If your entire budget is $12, then utility is maximized with consumption of

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Refer to the table at the right. If your entire budget is $12, then utility is maximized with
consumption of
OA. 6 bags of peanuts and 6 bags of popcom
OB. 7 bags of peanuts and 5 bags of popcom
OC. 5 bags of peanuts and 7 bags of popcom
OD. 5 bags of peanuts and 6 bags of popcom
OE. 6 bags of peanuts and 5 bags of popcom.
Peanuts ($1 per bag)
Quantity
(bags)
2
3
4
5
6
Total Utility
20
32
42
48
52
54
65
Popcorn ($1 per bag)
Quantity
(bags)
2
3
4
5
4
7
Total Utility
14
24
32
37
40
42
43

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