Refer to the third table for a different consumer, and assume that each week this consumer buys
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Refer to the third table for a different consumer, and assume that each week this consumer buys only weekly subscriptions to economic statistics apps and subscriptions to office productivity apps. The price of a subscription to each type of eco- nomic statistics app is $2 per week, and the price of a subscription to each office productivity app is $60 per week. If the consumer's available income is $128 per week, what quantity of each item will the individual purchase each week at a consumer optimum?
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Quantity of Subscriptions to Economic Statistics Apps per Week 1 2345 LO 6 Total Utility (utils) 40 60 76 86 91 93 Quantity of Subscriptions to Office Productivity Apps per Week 1 2 3 45 6 Total Utility (utils) 400 700 850 950 1,000 1,025
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In order to determine the consumer optimum we need to examine the marginal utility per dollar spent for each type of subscription and then allocate the consumers budget in a way that equalizes the mar...View the full answer
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