Answer to Question #67973 in Microeconomics for usman

Question

Suppose you consume three pounds of beef and five pounds of pork per month. The price of beef is $1.50 per pound, and pork is $2.00 per pound. Assuming you have studied economics and achieved consumer equilibrium, the ratio of marginal utility of beef to the marginal utility of pork

tell me the answer of above question if u dont have any time to solve tell me the key concepts plzzzzzzzzzz

Answer 1

The ratio of marginal utility of beef to the marginal utility of pork = price of pork / price of beef = $2.00 / $1.50 = 1.33.