Marginal utility Quantity of bottled water Quantity of hamburgers Marginal utility from from bottled water hamburgers 1 35 1 20 25 2 18 16 3 17 4 10 4 10 8. 6. 4. 6. 7 Given the data in the above table, if income is $16, and the price is $1 for a bottle of water and $2 for a hamburger, what is the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility? 6 bottles of water and 6 hamburgers 5 bottles of water and 5 hamburgers 4 bottles of water and 6 hamburgers 6 bottles of water and 5 hamburgers
Marginal utility Quantity of bottled water Quantity of hamburgers Marginal utility from from bottled water hamburgers 1 35 1 20 25 2 18 16 3 17 4 10 4 10 8. 6. 4. 6. 7 Given the data in the above table, if income is $16, and the price is $1 for a bottle of water and $2 for a hamburger, what is the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility? 6 bottles of water and 6 hamburgers 5 bottles of water and 5 hamburgers 4 bottles of water and 6 hamburgers 6 bottles of water and 5 hamburgers
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
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Explain it correctly
Transcribed Image Text:Quantity of
bottled water
Marginal utility
from bottled
Quantity of
hamburgers
Marginal utility
from
water
hamburgers
1
35
20
2
25
18
16
17
4
10
4
10
8.
6.
4
6.
7.
Given the data in the above table, if income is $16, and the price is $1 for a bottle of water and $2 for a hamburger, what is
the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility?
6 bottles of water and 6 hamburgers
5 bottles of water and 5 hamburgers
4 bottles of water and 6 hamburgers
6 bottles of water and 5 hamburgers
23
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