Potatoes cost Janice .50 per pound, and she has $5 that she can spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third is worth $1.05, and all subsequent pounds are worth .30 per pound. How many pounds of potatoes will she purchase? How many pounds would she purchase if she only had $2 to spend?
Potatoes cost Janice .50 per pound, and she has $5 that she can spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third is worth $1.05, and all subsequent pounds are worth .30 per pound. How many pounds of potatoes will she purchase? How many pounds would she purchase if she only had $2 to spend?
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter5: Consumer Choice: Individual And Market Demand
Section: Chapter Questions
Problem 3TY: Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its use saves...
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Potatoes cost Janice .50 per pound, and she has $5 that she can spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third is worth $1.05, and all subsequent pounds are worth .30 per pound.
How many pounds of potatoes will she purchase?
How many pounds would she purchase if she only had $2 to spend?
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