Question
Cashews are $5 per pound and Peanuts are $3 per pound. If the marginal utility from consuming the last pound of cashews equals 15 utils,
Cashews are $5 per pound and Peanuts are $3 per pound. If the marginal utility from consuming the last pound of cashews equals 15 utils, then, for a utility-maximizing consumer, the marginal utility from consuming the last pound of peanuts will equal
A. 9 utils.
B. 12 utils.
C. 25 utils.
D. 27 utils.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
A Textbook Of Mathematical Economics
Authors: Dr Chandrakant Singh
1st Edition
9353140986, 9789353140984
