Homework Answers
consumer's income=$13
Price of J=$2
Price of K=$1
Following table shows utility for each of the above alternative given budget constraint
| Alternative | units of j | MUj | units of K | MUk | Total Utility(MUj+MUk) | Total cost |
| 1 | 5 | 180 | 4 | 104 | 284 | 5*2+4*1=$14 |
| 2 | 4 | 160 | 5 | 128 | 288 | 4*2+5*1=$13 |
| 3 | 7 | 208 | 3 | 84 | 292 | 7*2+3*1=$17 |
| 4 | 6 | 196 | 3 | 84 | 280 | 6*2+3*1=415 |
3rd alternative maximises utility but does not fit in the budget constarint
Hence 2nd alternative is the best alternative which maximises utility also fits in the budget constraint
Hence if the customer has income of $13, will maximises his utility by purchasing 4 units of J and 5 units of K in the given budget constraint
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