The following table shows the amounts of additional satisfaction (marginal utility) that Ross would get from consuming successive quantities of products A and B. a. Fill in the MU/P column for each product. Instructions: Enter your answers rounded to one decimal place. Price of Good A = $8 Price of Good B = $4 Units of MU of Good A, Units of Good B MU of Good B, utils MU/P for A MU/P for B Good A utils 1 64 1 40 2 56 2 36 3 48 3 32 4 40 4 28 32 5 24 6 24 6 20 7 16 7 16 If Ross has an income of $56, how many units of each good will he purchase to maximize his utility? Instructions: Enter your answers as a whole number. units of good A units of good B
The following table shows the amounts of additional satisfaction (marginal utility) that Ross would get from consuming successive quantities of products A and B. a. Fill in the MU/P column for each product. Instructions: Enter your answers rounded to one decimal place. Price of Good A = $8 Price of Good B = $4 Units of MU of Good A, Units of Good B MU of Good B, utils MU/P for A MU/P for B Good A utils 1 64 1 40 2 56 2 36 3 48 3 32 4 40 4 28 32 5 24 6 24 6 20 7 16 7 16 If Ross has an income of $56, how many units of each good will he purchase to maximize his utility? Instructions: Enter your answers as a whole number. units of good A units of good B
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 3SQP
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Transcribed Image Text:The following table shows the amounts of additional satisfaction (marginal
utility) that Ross would get from consuming successive quantities of products A
and B.
a. Fill in the MU/P column for each product.
Instructions: Enter your answers rounded to one decimal place.
Price of Good A = $8
Price of Good B = $4
Units of
MU of Good A,
Units of
MU of Good B,
MU/P for A
MU/P for B
Good A
utils
Good B
utils
1
64
1
40
2
56
36
3
48
32
4
40
4
28
5
32
24
6.
24
6
20
7
16
7
16
If Ross has an income of $56, how many units of each good will he purchase to
maximize his utility?
Instructions: Enter your answers as a whole number.
units of good A
units of good B
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