The table below shows total utility for two products. So, given this data, complete the table below: (CLO#3) No. of Product A Total Utility for A Marginal Utility of No. of Product B Total Utility for B Marginal Utility of A 1 210 270 390 510 540 3 690 4 660 4 780 750 5 810 Paragraph A.

The table below shows total utility for two products. So, given this data, complete the table below: (CLO#3) No. of Product A Total Utility for A Marginal Utility of No. of Product B Total Utility for B Marginal Utility of A 1 210 270 390 510 540 3 690 4 660 4 780 750 5 810 Paragraph A.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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70- 60- B 50- 40- 30- Suppose Naomi consumes two goods: good 1 and good 2. Last year, the price of good 1 was $2.00 and the price of good 2 was $3.20. Given these prices, Naomi maximized satisfaction consuming bundle A, as indicated in the figure to the right. However, this year, the price of good 1 has increased to $6.00 and the price of good 2 has changed to $2.40. Given these prices, Naomi would be equally well off at consumption bundle B. Calculate a Laspeyres cost-of-living index for Naomi using 100 as the base for last year. In particular, the Laspeyres index for this year is ☐. (Enter your response rounded to two decimal places.) The Laspeyres index suggests inflation has been percent over the year. (Enter your response rounded to two decimal places.) The Laspeyres cost-of-living index overstates the rate of inflation because it assumes that consumers do not alter their consumption patterns as prices change. Naomi's true cost-of-living increase has been ☐ percent. (Enter your…
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