The following table depicts a consumer's utility from consuming two goods, Fish and Chips. Units of Fish Utility from Fish Units of Chips Utility from Chips 6 1 11 2 7 3 14 3 12 4 15 4 18 If the consumer has a budget, the price of Fish is $5, and the price of Chips is $2, what is the first unit that this consumer will want to consume? The consumer is indifferent about what to buy first. Fish, because it provides the most marginal utility per dollar. Chips, because it is cheaper. Fish, because it provides the most marginal utility. Chips, because it provides the most marginal utility per dollar. 2.

The following table depicts a consumer's utility from consuming two goods, Fish and Chips. Units of Fish Utility from Fish Units of Chips Utility from Chips 6 1 11 2 7 3 14 3 12 4 15 4 18 If the consumer has a budget, the price of Fish is $5, and the price of Chips is $2, what is the first unit that this consumer will want to consume? The consumer is indifferent about what to buy first. Fish, because it provides the most marginal utility per dollar. Chips, because it is cheaper. Fish, because it provides the most marginal utility. Chips, because it provides the most marginal utility per dollar. 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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