Question
Kevin spends his money on jeans and sweaters. Each sweater cost $50. At his utility-maximizing choice, his marginal utility from last sweater is 100 units
Kevin spends his money on jeans and sweaters. Each sweater cost $50. At his utility-maximizing choice, his marginal utility from last sweater is 100 units of utility. The last pair of jeans was 200 units of utility. Does this mean the price of a pair of jeans is $50 or more?
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Cost management a strategic approach
Authors: Edward J. Blocher, David E. Stout, Gary Cokins
5th edition
73526940, 978-0073526942
