Question
Marginal Utility per Dollar Quantity of Product A Total Utility Marginal Utility Marginal Utility per Dollar...
|
Quantity of Product A |
Total Utility | Marginal Utility |
Marginal Utility per Dollar |
Quantity of Product B |
Total Utility | Marginal Utility |
Marginal Utility per Dollar |
|---|---|---|---|---|---|---|---|
|
1 |
24 |
24 | ? | 1 | 38 | 38 | ? |
| 2 | 45 | 21 | ? | 2 | 74 | 36 | ? |
| 3 | 63 | 18 | ? | 3 | 108 | 34 | ? |
| 4 | 78 | 15 | ? | 4 | 140 | 32 | ? |
| 5 | 90 | 12 | ? | 5 | 170 | 30 | ? |
| 6 | 99 | 9 | ? | 6 | 198 | 28 | ? |
| 7 | 105 | 6 | ? | 7 | 224 | 26 | ? |
Your buddy Joseph wants your advice. He presents you with the utility schedule above and wants to know how many units of Product B he should purchase to maximize his utility. He tells you the price of Product A is $6 and the price of Product B is $10. Joseph informs you he only wants to spend $68.
How many units of Product B do you tell Joseph to purchase?
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