Homework Answers
For the first eight dollars, the consumer can get either 56 utils from j's consumption or (32+28) = 60 utils from K's consumption.
Hence, with the first $8 are used for purchasing two units of K.
The next 8 dollars will give 56 utils by J's consumption or (24+20)=44 utils from K's consumption. Hence one unit of J will be purchased from the next $8.
Again one unit of J will be purchased as 48>44.
Only $4 left. Hence one unit of K will be purchased.
2 units of J and 3 units of K.
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QUESTION 7 Answer the question on the basis of the following two schedules, which show the...
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Answer the question on the basis of the following two schedules, which show the amounts of...
Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility that a consumer would get from successive quantities of products J and K MUK Units of K 1 Units of J 1 - 2 3 4 5 6 MU 56 482 32 24 20 16 3 4 5 6 T L 1 if the consumer has money income of $13 and price of Jis $2 and the price of K...
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12)
Answer the question on the basis of the following marginal utility
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12)
Answer the question on the basis of the following marginal utility
data for products X & Y. Assume the prices of X and Y are $4
and $2, respectively, and that the consumers income is $18.
Units of x Marginal Utility, Y 16 14 12 Marginal Utility, x Units of Y 20 162 12 4 6 5 4 | 6 | 12 10 What quantities of X and Y should be purchased to maximize utility? Multiple Choice о 2...
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