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 $25 Units of L Total Utility Units of M Total Utility 1 9 16 2 15 28 3 18 36 4 20 4 40 21 5 42 What level of total utility does the rational consumer realize in equilibrium? Multiple Choice 162 utils 86 utils 58 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 $3 and $4, respectively, and that the consumer's income is $25 Units of L Total Utility Units of M Total Utility 1 9 16 2 15 28 3 18 36 4 20 4 40 21 5 42 What level of total utility does the rational consumer realize in equilibrium? Multiple Choice 162 utils 86 utils 58 utils 51 utils

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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