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Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get
Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K.
Units of J MUj Units of K MUk
1 56 1 32
2 48 2 28
3 32 3 24
4 24 4 20
5 20 5 12
6 16 6 10
7 12 7 8
What level of total utility is realized from the equilibrium combination of J and K, if the consumer has a money income of $52 and the prices of J and K are $8 and $4, respectively?
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