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Suppose a consumer with a budget of $47 has two goods, apple (A) and orange (O), from which to choose. The price of an apple

Suppose a consumer with a budget of $47 has two goods, apple (A) and orange (O), from

which to choose. The price of an apple is $5, an orange is $1, and an avocado worth $1 each.

The following table describes the utility he attained from consuming each combination of

apples and oranges:

image text in transcribed
Quantity Total utility Total utility Total utility of apple of orange of avocado 21 7 16 41 13 30 59 18 42 74 22 50 84 25 55 91 27 58 91 28 60

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