Suppose you have $12 to buy apples or oranges. The price of both apples and oranges is $2, and the marginal utility of buying apples or oranges is shown in the following table: a. In equilibrium, how many apples and oranges would you buy? b. Please speculate and draw the demand curve for apples or oranges (Note: the demand curve depicts the function of price and quantity demanded).
Suppose you have $12 to buy apples or oranges. The price of both apples and oranges is $2, and the marginal utility of buying apples or oranges is shown in the following table: a. In equilibrium, how many apples and oranges would you buy? b. Please speculate and draw the demand curve for apples or oranges (Note: the demand curve depicts the function of price and quantity demanded).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Suppose you have $12 to buy apples or oranges. The
a. In equilibrium, how many apples and oranges would you buy?
b. Please speculate and draw the
![Marginal Utility
of Oranges
Unit
Marginal Utility
of Apples
1
90
70
2
70
60
3
50
50
4
30
40
5
20
30
10
20
5
12
8.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fec58a506-8edc-4cb7-87c6-eac6810121a8%2F7d600f51-9566-459f-a4ae-a754c5d62409%2F134t6lv_processed.png&w=3840&q=75)
Transcribed Image Text:Marginal Utility
of Oranges
Unit
Marginal Utility
of Apples
1
90
70
2
70
60
3
50
50
4
30
40
5
20
30
10
20
5
12
8.
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