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Agricultural Economics 3rd Edition by Evan Drummond, John Goodwin
Edition 3ISBN: 978-0136071921Agricultural Economics 3rd Edition by Evan Drummond, John Goodwin
Edition 3ISBN: 978-0136071921 Exercise 1
The following table shows the total utility a consumer gets form consuming two goods -----A and B. 
Assume that the price of good A is $5 per unit and the price of good B is $10 per unit.
a. For a budget of $55, how many units of each good would the consumer consume?
b. If the budget were to increase by $10, how many units of each good would the consumer consume?
Assume that the price of good A is $5 per unit and the price of good B is $10 per unit.
a. For a budget of $55, how many units of each good would the consumer consume?
b. If the budget were to increase by $10, how many units of each good would the consumer consume?
Explanation
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Verified
Total utility is defined as the total sa...
Agricultural Economics 3rd Edition by Evan Drummond, John Goodwin
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