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Answer to Question #64014 in Economics for Faisal
Question #64014
Question 02
If the price of toffee bars is $1 each, bags of cashews are $2 each, and this consumer has $7 per week to spend on these two snacks. Answer the questions below.
Toffee Bars Cashew Bags
Utils Total Utility Marginal Utility MUT/PT Marginal Utility MUC/PC Total Utility
1 10 10 10 12 6 12
2 18 22
3 23 29
4 26 34
5 27 36
6 27 37
7 27 37
a. Fill up gaps for marginal utilities and marginal utility per additional dollar for Toffee bars and Cashews in the above table.
b. How many toffee bars and cashew bags should be purchased to maximize utility?
c. Draw total and Marginal utility curves for both the products.
KINDLY EXPLAIN PLEASE !
If the price of toffee bars is $1 each, bags of cashews are $2 each, and this consumer has $7 per week to spend on these two snacks. Answer the questions below.
Toffee Bars Cashew Bags
Utils Total Utility Marginal Utility MUT/PT Marginal Utility MUC/PC Total Utility
1 10 10 10 12 6 12
2 18 22
3 23 29
4 26 34
5 27 36
6 27 37
7 27 37
a. Fill up gaps for marginal utilities and marginal utility per additional dollar for Toffee bars and Cashews in the above table.
b. How many toffee bars and cashew bags should be purchased to maximize utility?
c. Draw total and Marginal utility curves for both the products.
KINDLY EXPLAIN PLEASE !
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