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 G and H. Units of G MUG Units of H MUH 1 36 1 70 2 33 2 60 3 27 3 55 4 21 4 45 5 18 5 30 6 12 6 25 7 6 7 15 If the consumer has a budget of $29 and the prices of G and H are $3 and $5, respectively, the consumer will maximize their utility by purchasing Multiple Choice 3 units of G and 4 units of H. 4 units of G and 2 units of H. 1 units of G and 5 units of H. 2 units of G and 5 units of H.
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 G and H. Units of G MUG Units of H MUH 1 36 1 70 2 33 2 60 3 27 3 55 4 21 4 45 5 18 5 30 6 12 6 25 7 6 7 15 If the consumer has a budget of $29 and the prices of G and H are $3 and $5, respectively, the consumer will maximize their utility by purchasing Multiple Choice 3 units of G and 4 units of H. 4 units of G and 2 units of H. 1 units of G and 5 units of H. 2 units of G and 5 units of H.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 8SQP
Related questions
Question
Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (
| Units of G | MUG | Units of H | MUH |
|---|---|---|---|
| 1 | 36 | 1 | 70 |
| 2 | 33 | 2 | 60 |
| 3 | 27 | 3 | 55 |
| 4 | 21 | 4 | 45 |
| 5 | 18 | 5 | 30 |
| 6 | 12 | 6 | 25 |
| 7 | 6 | 7 | 15 |
If the consumer has a budget of $29 and the prices of G and H are $3 and $5, respectively, the consumer will maximize their utility by purchasing
Multiple Choice
-
3 units of G and 4 units of H.
-
4 units of G and 2 units of H.
-
1 units of G and 5 units of H.
-
2 units of G and 5 units of H.
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