Answer the question on the basis of the following total utility data for products L and M.Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18. Refer to the data.What level of total utility does the rational consumer realize in equilibrium?
A) 87 utils.
B) 104 utils.
C) 51 utils.
D) 58 utils.
Correct Answer:
Verified
Q21: Answer the question on the basis
Q23: If MUa/Pa = 100/$35 = MUb/Pb =
Q26: Answer the question on the basis
Q27: Assume MUc and MUd represent the
Q95: If the price of product X rises,
Q109: Total utility may be determined by
A)multiplying the
Q115: Where total utility is at a maximum,
Q153: The theory of consumer behavior assumes that
A)consumers
Q158: Suppose you have a limited money income
Q183: Diminishing marginal utility explains why
A)the income effect
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