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12 points Apples Oranges Total Marginal Q Marginal Utility Utility MU/Price Q Total Utility Utility MU/Price (MU) (MU) 100 A B 1 70 I 2

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12 points Apples Oranges Total Marginal Q Marginal Utility Utility MU/Price Q Total Utility Utility MU/Price (MU) (MU) 100 A B 1 70 I 2 165 C D 2 100 K L 3 210 F F 3 125 M N 4 240 G H 4 145 O P Assume total income = $12 and the price of apples and the price of oranges are both $2. Calculate each of the missing values (A through P) - 1/2 pt each for a total of 8 pts. Then, indicate the utility maximizing combination of apples and oranges - 2 pts each for a total of 4 pts

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