Jeffrey spends all of his income on warm-up suits and running shoes,and the price of a pair of shoes is four times the price of a warm-up suit.In order to maximize total utility,Jeffrey should
A) buy four times as many warm-up suits as pairs of running shoes.
B) buy four times as many pairs of running shoes as warm-up suits.
C) buy both items until the marginal utility of a pair of running shoes is four times the marginal utility of a warm-up suit.
D) buy both items until the marginal utility of a warm-up suit is four times the marginal utility of a pair of running shoes.
Correct Answer:
Verified
Q175: At the consumer's optimum
A)the budget constraint will
Q178: Which of the following represents a consumer's
Q217: Figure 21-9 Q219: If the consumer's income and all prices Q220: The consumer's optimum is where Q221: Figure 21-10 Q224: Figure 21-11 Q225: Jane is maximizing total utility while consuming Q226: Figure 21-11 Q227: Figure 21-11 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents![]()
A) MUx/MUy =![]()
![]()
![]()
![]()