Question
Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M
Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $6 and $2, respectively, and that the consumer's income is $22
Units of LTotal UtilityUnits of MTotal Utility19116215228318336420440521542
What level of total utility does the rational consumer realize in equilibrium?
Multiple Choice
- 186 utils
- 49 utils
- 57 utils
- 63 utils
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Using Econometrics A Practical Guide
Authors: A. H. Studenmund
7th edition
013418274X, 978-0134182742
