Joe has $62 to spend on apples and oranges. Given the information in the following table, is Joe maximizing utility? units of utility per dollar. Joe's marginal utility per dollar spent on apples is Joe's marginal utility per dollar spent on oranges is units of utility per dollar. The total amount of his income Joes spends on apples and oranges is dollars. Is Joe maximizing his utility? Product Price Apples $0.60 Oranges $0.80 Quantity 50 lbs. 40 lbs. Total Utility 1,500 1,600 Marginal Utility of Last Unit 30 40 O A. No, Joe is not maximizing his utility. If he spent more on oranges he could gain greater satisfaction per dollar spent. OB. Yes, Joe is maximizing his total utility. Marginal utility per dollar spent on each good is equal, and he has some of his income that he does not spend on apples or oranges that he may save. O C. No, marginal utility per dollar spent on each good is equal, but Joe has some money left in his budget which could be used to increase his utility. O D. Yes, Joe is maximizing his total utility. Marginal utility per dollar spent on each good is equal, and he is spending his entire budget.

Joe has $62 to spend on apples and oranges. Given the information in the following table, is Joe maximizing utility? units of utility per dollar. Joe's marginal utility per dollar spent on apples is Joe's marginal utility per dollar spent on oranges is units of utility per dollar. The total amount of his income Joes spends on apples and oranges is dollars. Is Joe maximizing his utility? Product Price Apples $0.60 Oranges $0.80 Quantity 50 lbs. 40 lbs. Total Utility 1,500 1,600 Marginal Utility of Last Unit 30 40 O A. No, Joe is not maximizing his utility. If he spent more on oranges he could gain greater satisfaction per dollar spent. OB. Yes, Joe is maximizing his total utility. Marginal utility per dollar spent on each good is equal, and he has some of his income that he does not spend on apples or oranges that he may save. O C. No, marginal utility per dollar spent on each good is equal, but Joe has some money left in his budget which could be used to increase his utility. O D. Yes, Joe is maximizing his total utility. Marginal utility per dollar spent on each good is equal, and he is spending his entire budget.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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