Suppose the price of a soda is $2 each, the price of a hot dog is $3 each and the budget is $20. If the marginal utility of the fourth soda is 100 and the marginal utility of the fourth hot dog is 150, to maximize utility, a person will buy 1) 4 sodas and 4 hot dogs. 2) more hotdogs than 4 and fewer sodas than 4 because hot dogs provide more utility. O 3) buy more sodas than 4 to increase their utility. 4) fewer sodas than 4 and more hot dogs than 4.

Suppose the price of a soda is $2 each, the price of a hot dog is $3 each and the budget is $20. If the marginal utility of the fourth soda is 100 and the marginal utility of the fourth hot dog is 150, to maximize utility, a person will buy 1) 4 sodas and 4 hot dogs. 2) more hotdogs than 4 and fewer sodas than 4 because hot dogs provide more utility. O 3) buy more sodas than 4 to increase their utility. 4) fewer sodas than 4 and more hot dogs than 4.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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