NIVERSITY DURAIConsider the following data describing the change in Nora's utility when she consumes various levels of Nuts andchocolate per week, the price per portion for the considered goods are respectively AED 20 and AED10. Nora hasa budget equal to 160 per day to spend on her snack.Q Nuts Total UtilityQ Chocolate Total Utility ChocolateMU Nuts MU ChocolateMU/ AEDMU/AED MRSChocolateNutsNuts4012872521003.724124881445.1021606.11471721221. Complete the table above by calculating the marginal utility, the marginal utility per dollar spent and marginalrate of substitution for each good.2. Identify the potential set of equilibrium points Where MUI/P1=MU2/P2Nuts Chocolate Income2.2.6.

total Utility is the aggregate amount of satisfaction that the consumer receives from consuming…

172 122 1. Complete the table above by calculating the marginal utility, the marginal utility per dollar spent and marginal rate of substitution for each good. 2. Identify the potential set of equilibrium points Where MUI/P1=MU2/P2 NutsChocolatelncome

172 122 1. Complete the table above by calculating the marginal utility, the marginal utility per dollar spent and marginal rate of substitution for each good. 2. Identify the potential set of equilibrium points Where MUI/P1=MU2/P2 NutsChocolatelncome

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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Question

NIVERSITY DURAI
Consider the following data describing the change in Nora's utility when she consumes various levels of Nuts and
chocolate per week, the price per portion for the considered goods are respectively AED 20 and AED10. Nora has
a budget equal to 160 per day to spend on her snack.
Q Nuts Total UtilityQ Chocolate Total Utility ChocolateMU Nuts MU ChocolateMU/ AEDMU/AED MRS
Chocolate
Nuts
Nuts
40
1
28
72
52
100
3.
72
4
124
88
144
5.
102
160
6.
114
7
172
122
1. Complete the table above by calculating the marginal utility, the marginal utility per dollar spent and marginal
rate of substitution for each good.
2. Identify the potential set of equilibrium points Where MUI/P1=MU2/P2
Nuts Chocolate Income
2.
2.
6.

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