n individual is given $10 to be spent on either oranges or apples. Price of an apple is $ 1 and price of an orange is $2. The marginal utilities derived from each product are as follows: USE BLANK COLUMNS AS NEEDED. 2 # units MU of apple MU of orange 1 60 150 2 50 140 3 40 120 4 30 100 5 20 80 6 10 70 7 5 50 8 0 20 a) The combination that maximizes total utility is: number of apples. number of oranges b) If oranges price decreased to $1each and apples still cost $1 each. Given $10 of budget. The combination that maximizes total utility is: number of apples c) Draw the demand curve for oranges number of oranges

n individual is given $10 to be spent on either oranges or apples. Price of an apple is $ 1 and price of an orange is $2. The marginal utilities derived from each product are as follows: USE BLANK COLUMNS AS NEEDED. 2 # units MU of apple MU of orange 1 60 150 2 50 140 3 40 120 4 30 100 5 20 80 6 10 70 7 5 50 8 0 20 a) The combination that maximizes total utility is: number of apples. number of oranges b) If oranges price decreased to $1each and apples still cost $1 each. Given $10 of budget. The combination that maximizes total utility is: number of apples c) Draw the demand curve for oranges number of oranges

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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39. The following chart shows thec total utility-that Ammar receives from çonşuming various amounts-of chocolate.candy bars each day: Number candy, bars consumed për đay Total'utility 1' 40- 2 70 90 100 4. 80 Which of the following statements about Ammar's marginal utility is correct? Hiş marginal utility from the first candy bar is greater-than his marginalutility from the second candy' bar
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