ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

Please provide explanation so I can do it on my own. Thanks!

4. The price of Axe is $3 and the price of chalk is $5. If you are an optimizing consumer with a budget of $35 who only spends money on Axe and chalk, then tell how many of each you would buy and what would be your total utility. Show your work. MU of chalk MU of Axe 36 21 32 20 27 18 20 15 15 12 9 9 4 6 1 3 Quantity 1 2 3 4 5 6 7 8 Number of Axe: Number of chalk: Total utility:
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Transcribed Image Text:4. The price of Axe is $3 and the price of chalk is $5. If you are an optimizing consumer with a budget of $35 who only spends money on Axe and chalk, then tell how many of each you would buy and what would be your total utility. Show your work. MU of chalk MU of Axe 36 21 32 20 27 18 20 15 15 12 9 9 4 6 1 3 Quantity 1 2 3 4 5 6 7 8 Number of Axe: Number of chalk: Total utility:
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Step 1: Given
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Step 2: Determine marginal utility per dollar for each good:
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Step 3: Determine the budget constraint:
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Step 4: Determine the optimal bundle:
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Step 5: Determine the utility:
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