Business, 28.10.2020 17:00 martinez6221

If the prices of A, B, and C are $7, $5, and $3, respectively, and the consumer has $75 to spend on these three products, what combination of the three products should be purchased in order to maximize utility

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Answer from: keidaniela

some information is missing, so I looked for similar questions and found the attached image:

A B C

cost MU per $ cost MU per $ cost MU per $

$7 11 $5 12 $3 12

$7 10 $5 10 $3 11

$7 8 $5 9 $3 9

$7 7 $5 8 $3 6

$7 5 $5 5 $3 5

$7 4 $5 4 $3 4

$7 1 $5 3 $3 3

We must calculate the cumulative MU per $ per product:

A B C

cost C. MU/$ cost C. MU/$ cost C. MU/$

$7 11 $5 12 $3 12

$7 21 $5 22 $3 23

$7 29 $5 31 $3 32

$7 36 $5 39 $3 38

$7 41 $5 43 $3 43

$7 45 $5 47 $3 47

$7 46 $5 50 $3 50

The consumer should purchase 4 units of A (and spend $28) in order to receive 253 utils, he/she should purchase 5 units of B (and spend $25) in order to receive 220 utils, and finally should purchase 7 units of C (and spend $21) in order to receive 150 utils.

Total expenditure = $74 and total utils received = 623. Average utils per dollar = 8.42.

If the prices of A, B, and C are $7, $5, and $3, respectively, and the consumer has $75 to spend on

Answer from: Quest

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Answer from: Quest

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