c. Samuelson maximizes his utility by spending his entire income of $29 on video 3.5games and cards. The price of video games is $4, and he buys 2 games. Themarginal utility from the last card he buys is 42. The table represents Samuelson'smarginal utility from each good.Marginal utilityQuantityVideo GamesCards1457028543164241016Required:i. Calculate the price of a card using the condition that Samuelson's marginalutilities per dollar are equal.ii. What is Samuelson’s total utility?

i) At utility maximization, MUx/Px = MUy/Py He buys 2 video games and 3 cards 28/4 = 42/Py Py= 42/7=…

Samuelson maximizes his utility by spending his entire income of $29 on video 3.5 games and cards. The price of video games is $4, and he buys 2 games. The marginal utility from the last card he buys is 42. The table represents Samuelson's marginal utility from each good. с. Marginal utility Quantity Video Games Cards 1 45 70 28 54 3 16 42 4 10 16 Required: i. Calculate the price of a card using the condition that Samuelson's marginal utilities per dollar are equal. ii. What is Samuelson's total utility?

Samuelson maximizes his utility by spending his entire income of $29 on video 3.5 games and cards. The price of video games is $4, and he buys 2 games. The marginal utility from the last card he buys is 42. The table represents Samuelson's marginal utility from each good. с. Marginal utility Quantity Video Games Cards 1 45 70 28 54 3 16 42 4 10 16 Required: i. Calculate the price of a card using the condition that Samuelson's marginal utilities per dollar are equal. ii. What is Samuelson's total utility?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please sir provide the answer of last part of the question (part-d)
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None
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