Question: Joe has $55 to spend on apples and oranges. Given the information in the following table, is Joe maximizing utility? Briefly explain. Marginal Utility of

Joe has $55 to spend on apples and oranges. Given the information in the following table, is Joe maximizing utility? Briefly explain.

Marginal Utility of Total Price Last Únit Quantity Utility 1,000 Apples 20 $0.50 50 40 Oranges $0.75 500

Marginal Utility of Total Price Last nit Quantity Utility 1,000 Apples 20 $0.50 50 40 Oranges $0.75 500

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