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The following table shows the amounts of additional satisfaction (marginal utility) that Ross would get from con quantities of products A and B. Fill in the MU/P column for each product. Instructions: Enter your answers rounded to one decimal place. Price of Good A = $6 Price of Good B = $4 Units of MU of GoodA, Units of MU of Good B, utils MU/P for A MU/P for B Good A utils Good B 54 1 32 2 48 2 28 3 42 3 24 4 36 4 20 5 30 16 6 24 6 12 7 18 7

The following table shows the amounts of additional satisfaction (marginal utility) that Ross would get from con quantities of products A and B. Fill in the MU/P column for each product. Instructions: Enter your answers rounded to one decimal place. Price of Good A = $6 Price of Good B = $4 Units of MU of GoodA, Units of MU of Good B, utils MU/P for A MU/P for B Good A utils Good B 54 1 32 2 48 2 28 3 42 3 24 4 36 4 20 5 30 16 6 24 6 12 7 18 7

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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The following table shows the amounts of additional satisfaction (marginal utility) that Ross would get from consuming successive quantities of products A and B. Fill in the MU/P column for each product. Instructions: Enter your answers rounded to one decimal place. Price of Good A = $6 Price of Good B = $4 Units of MU of Good A, Units of MU of Good B, MU/P for A MU/P for B Good A utils Good B utils 1 54 1 32 48 2 28 42 3 24 4 36 4 20 30 16 6. 24 6. 12 7 18 7 8
Transcribed Image Text:The following table shows the amounts of additional satisfaction (marginal utility) that Ross would get from consuming successive quantities of products A and B. Fill in the MU/P column for each product. Instructions: Enter your answers rounded to one decimal place. Price of Good A = $6 Price of Good B = $4 Units of MU of Good A, Units of MU of Good B, MU/P for A MU/P for B Good A utils Good B utils 1 54 1 32 48 2 28 42 3 24 4 36 4 20 30 16 6. 24 6. 12 7 18 7 8
If Ross has an income of $26, how many units of each good will he purchase to maximize his utility? Instructions: Enter your answers as a whole number. unit(s) of good A unit(s) of good B Now suppose the price of good A rises. If he still has $26 to spend, then to maximize his utility, Ross should purchase: less of good A and more of good B. more of good A and the same quantity of good B. more of good A. more of good A and less of good B.
Transcribed Image Text:If Ross has an income of $26, how many units of each good will he purchase to maximize his utility? Instructions: Enter your answers as a whole number. unit(s) of good A unit(s) of good B Now suppose the price of good A rises. If he still has $26 to spend, then to maximize his utility, Ross should purchase: less of good A and more of good B. more of good A and the same quantity of good B. more of good A. more of good A and less of good B.
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