Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Be Pearson's MyLab & Mastering - x Do Homework - Chapter 6 Home x An Error Has Occurred x | Logout * + mylab.pearson.com/Student/PlayerHomework.aspx?homeworkld=617744732&questionld=9&flushed=false&cld=6826948&back=DoAssignments.aspx Apps

image text in transcribed
Be Pearson's MyLab & Mastering - x Do Homework - Chapter 6 Home x An Error Has Occurred x | Logout * + mylab.pearson.com/Student/PlayerHomework.aspx?homeworkld=617744732&questionld=9&flushed=false&cld=6826948&back=DoAssignments.aspx Apps M Gmail YouTube 9 Maps Readi Fundamentals of Agricultural and Applied Economics jacob randazzo 03/10/22 1:20 AM Homework: Chapter 6 Homework Question 9, Text Problem 2.3 HW Score: 84.81%, 67 of 79 points Part 3 of 5 Points: 0 of 10 Save For this problem, assume that Kendrick has $144 to spend on cigars and brandy each month and that both goods must be purchased whole (no fractional units) Cigars cost $6 each, and brandy costs $30 per bottle Kendrick's preferences for cigars and brandy are summarized by the following information. Fill in the missing figures for marginal utility and marginal utility per dollar for both cigars and brandy (Enter your responses for MU as whole numbers and for MU/S rounded to two decimal places ) Cigars Brandy No. Per Bottles Per Month TU MU MU/S Month MU/S 28 4 67 150 150 46 270 120 62 16 2.67 360 90 12 2 420 60 1 450 0 67 470 0 67 0.33 480 0.33 These preferences are consistent with the law of diminishing marginal utility Given the budget of $144, to maximize Kendrick's level of satisfaction, he should purchase cigars and bottles of brandy ( Enter your responses as whole numbers ) Clear all Check answer Etext pages Grapher 1:19 AM ~ 2 4) 4 3/10/2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Practice Of Statistics

Authors: Daren S. Starnes, Josh Tabor

6th Edition

9781319113339

Students also viewed these Economics questions