Subject: Basic Microeconomics Lesson: Marginal Utility

Practice Problem - Marginal Utility 1. Shown in the table below are the utility for Product A and Product B. UNITS PRODUCT A PRODUCT B 1 190.00 205.00 2 260.00 392.00 3 321.00 480.00 4 353.00 552.00 5 370.00 600.00 6 265.00 605.00 Identify the best mix between product A (price = 200) and product B (price = 150) based on the following budget: (Show your solution) a. P 500.00 b. P 1,000.00 C. P 5,000.00