Jane has a budget of $15 to spend at the local scientific store. Her two favorite items are beakers (Product X) which costs $3 and petri dishes (Peroduct Y) which costs $2. In the schedule below you can see the marginal utility for each of her favorite items. Which combination would maximize Jane's utility?
Jane has a budget of $15 to spend at the local scientific store. Her two favorite items are beakers (Product X) which costs $3 and petri dishes (Peroduct Y) which costs $2. In the schedule below you can see the marginal utility for each of her favorite items. Which combination would maximize Jane's utility?
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 2QFR
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Jane has a budget of $15 to spend at the local scientific store. Her two favorite items are beakers (Product X) which costs $3 and petri dishes (Peroduct Y) which costs $2. In the schedule below you can see the
X | y | ||
Quantity | MUx | Quantity | MUy |
1 | 40 | 1 | 24 |
2 | 28 | 2 | 20 |
3 | 24 | 3 | 16 |
4 | 20 | 4 | 12 |
5 | 1 | 5 | 8 |
a.) 3 beakers & 3 petri dishes
b.) 4 beakers & 2 petri dishes
c.) 5 beakers & 1 petri dishes
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