Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Todd is a cattle rancher. In June and July he spent his clothing budget on jeans and cowboy hats. Each pair of jeans cost $69
Todd is a cattle rancher. In June and July he spent his clothing budget on jeans and cowboy hats. Each pair of jeans cost $69 and each hat cost $41. At Todd's optimal choice, his marginal utility from the last pair of jeans purchased is 443. This means that his marginal utility from the last cowboy hat purchased is:
You can round the final answer to the whole number.
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