uantity of Total roduct A Utility 1 2 3 4 5 6 7 16 30 42 52 60 66 70 Marginal Utility 16 14 12 10 8 6 4 Marginal Utility per Dollar Marginal Utility per Dollar ? ? ? ? ? ? ? Quantity of Total Product B Utility 1 2 3 4 5 6 7 19 37 54 70 85 99 112 Marginal Utility 19 18 17 16 15 14 13 Mar Utili Do ur buddy Joseph wants your advice. He presents you with the utility schedule ove and wants to know how many units of Product B he should purchase to ximize his utility. He tells you the price of Product A is $4 and the price of Pro s $5. Joseph informs you he only wants to spend $37. w many units of Product B do you tell Joseph to purchase?

uantity of Total roduct A Utility 1 2 3 4 5 6 7 16 30 42 52 60 66 70 Marginal Utility 16 14 12 10 8 6 4 Marginal Utility per Dollar Marginal Utility per Dollar ? ? ? ? ? ? ? Quantity of Total Product B Utility 1 2 3 4 5 6 7 19 37 54 70 85 99 112 Marginal Utility 19 18 17 16 15 14 13 Mar Utili Do ur buddy Joseph wants your advice. He presents you with the utility schedule ove and wants to know how many units of Product B he should purchase to ximize his utility. He tells you the price of Product A is $4 and the price of Pro s $5. Joseph informs you he only wants to spend $37. w many units of Product B do you tell Joseph to purchase?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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