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 $1.5 and $3, respectively, and that the consumer's income is $18 Units of L Total Utility Units of M Total Utility 1 9 1 16 2 15 2 28 3 18 3 36 4 20 4 40 5 21 5 42 What level of total utility does the rational consumer realize in equilibrium? Multiple Choice 182 utils 63 utils 60 utils 51 utils
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 $1.5 and $3, respectively, and that the consumer's income is $18 Units of L Total Utility Units of M Total Utility 1 9 1 16 2 15 2 28 3 18 3 36 4 20 4 40 5 21 5 42 What level of total utility does the rational consumer realize in equilibrium? Multiple Choice 182 utils 63 utils 60 utils 51 utils
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer the question on the basis of the following total utility data for products L and M. Assume that the
Units of L | Total Utility | Units of M | Total Utility |
---|---|---|---|
1 | 9 | 1 | 16 |
2 | 15 | 2 | 28 |
3 | 18 | 3 | 36 |
4 | 20 | 4 | 40 |
5 | 21 | 5 | 42 |
What level of total utility does the rational consumer realize in equilibrium?
Multiple Choice
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