1-Which of the following provides a higher marginal utility, a diamond or a pint of water? A dimond A point of water They prodive about the same marginal utility
1-Which of the following provides a higher marginal utility, a diamond or a pint of water? A dimond A point of water They prodive about the same marginal utility
Chapter21: Demand: Consumer Choic
Section: Chapter Questions
Problem 1E
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Question
1-Which of the following provides a higher
A dimond
A point of water
They prodive about the same marginal utility
2-
| Unit of Apples | MU of Apple | Unit of Oranges | MU of Oranges |
| 1st | 4 | 1st | 9 |
| 2nd | 3 | 2nd | 3 |
| 3rd | 1 | 3rd | 2 |
| 4th | 0 | 4th | 0 |
Suppose the price of an apple is $2, and the price of an orange if $3. You have a budget $10 for these two items.
What would you put in your basket first?
an Apple
an Orange
You are indifferent between putting an apple or an orange in your basket.
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