1 answer

The table below shows total utility for two products. Suppose that the price for product A...

Question:

The table below shows total utility for two products. Suppose that the price for product A is $5 and the price for product B is $5.

Number of product A

Total Utility for A

Number of product B

Total Utility for B

0

0

0

0

1

140

1

180

2

260

2

340

3

360

3

460

4

440

4

520

5

500

5

540

Suppose that a person has $25.

4. How many units of product B should she buy to maximize her happiness given her budget constrain?


Answers

Total budget = 25

Quantity Total utility from A Marginal utility from A Marginal utility per dollar from A (p=5) Total utility from B Marginal utility from B Marginal utility per dollar from b (p=5)
0 0 0 0 0 0 0
1 140 140 28.00 180 180 36.00
2 260 120 24.00 340 160 32.00
3 360 100 20.00 460 120 24.00
4 440 80 16.00 520 60 12.00
5 500 60 12.00 540 20 4.00

Selection for consumption of goods will be decreasing order of MU/Dollar

Total 2 units of A and 3 units of B will be consumed to maximize her utility

.

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