Find utility maximizing combination of apples and oranges, Microeconomics

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Find utility maximizing combination of apples and oranges

Consider a consumer with $10 to spend on these two goods where the price of apples is always $2 each.

Apples Oranges
Q U Q U
1 50 1 30
2 75 2 56
3 85 3 78
4 90 4 96
5 92 5 108
6 93 6 116

a) Find the utility maximizing combination of apples and oranges if oranges cost $4 each. Explain why the consumer didn't choose the bundle of 3 apples and 4 oranges.

b) Repeat all of part (a) if oranges cost $1 each.

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Microeconomics: Find utility maximizing combination of apples and oranges

Reference No:- TGS061359

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Microeconomics: Find utility maximizing combination of apples and oranges

Reference No:- TGS061359

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Microeconomics: Find utility maximizing combination of apples and oranges

Reference No:- TGS061359

Recent Questions Asked Microeconomics

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Q : Dividends received by the preferred stockholders

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