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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 L | Total Utility | Units of M | Total Utility |
---|---|---|---|
1 | 9 | 1 | 16 |
2 | 15 | 2 | 28 |
3 | 18 | 3 | 36 |
4 | 20 | 4 | 40 |
5 | 21 | 5 | 42 |
How many units of the two products will the rational consumer purchase?
Multiple Choice
- 3 of L and 3 of M
- 4 of L and 2 of M
- 2 of L and 4 of M
- 2 of L and 5 of M
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