Suppose you have $12 to buy apples or oranges. The price of both apples and oranges is $2, and the marginal utility of buying apples or oranges is shown in the following table: a. In equilibrium, how many apples and oranges would you buy? b. Please speculate and draw the demand curve for apples or oranges (Note: the demand curve depicts the function of price and quantity demanded).

Suppose you have $12 to buy apples or oranges. The price of both apples and oranges is $2, and the marginal utility of buying apples or oranges is shown in the following table: a. In equilibrium, how many apples and oranges would you buy? b. Please speculate and draw the demand curve for apples or oranges (Note: the demand curve depicts the function of price and quantity demanded).

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics

Section7.1: Utility Theory

Problem 3ST

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