Homework Answers
4.Ans: B) marginal utility diminishes as more of a product is consumed.
5.Ans: C) the marginal utilities per dollar of the quantities she buys are equal.
6.Ans: B) $2 per unit.
Explanation:
At equilibrium combination;
MUx /Px = MUy / Py
40 / 5 = 16 / Py
8 = 16 /Py
8Py = 16
Py = 16 / 8 = $2
7.Ans: C) 4 units of J and 5 units of K
Explanation:
At equilibrium combination;
MUj /Pj = MUk / Pk
Entire given income must be spent on both the goods
Y = (Pj * Qj) + ( Pk * Qk )
$52 = ( $8 * 4 ) + ( $4 * 5)
| Units of J | MUj | MUj /Pj | Units of K | MUk | MUk /Pk |
| 1 | 56 | 7 | 1 | 32 | 8 |
| 2 | 48 | 6 | 2 | 28 | 7 |
| 3 | 32 | 4 | 3 | 24 | 6 |
| 4 | 24 | 3 | 4 | 20 | 5 |
| 5 | 20 | 2.5 | 5 | 12 | 3 |
| 6 | 16 | 2 | 6 | 10 | 2.5 |
| 7 | 12 | 1.5 | 7 | 8 | 2 |
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