1. Business
  2. Economics
  3. question 6 total utility from y 85 130 160 185...

Question: question 6 total utility from y 85 130 160 185...

Question details


QUESTION 6 Total Utility from Y 85 130 160 185 200 210 215 Total Utility from X 24 Quan 56 74 80 84 Refer to the table above. Given that the price of good X is $2 per unit, the price of good Y is $5 per unit, and that the consumer spends a total of $44 on both goods, what is the total utility associated with the utility-maximizing combination? A 280 B. 294 C. 172 D.We dont have enough information to determine total utility E. 251

QUESTION 7 Jackson has $26, which he plans to allocate among three rides at the amusement park. Each ride on the Roller Coaster costs $3.00, on the Bumper Cars, $2.00, and on Splatter Mountain, $1.00. The Table below shows Jacksons utility schedule for the three rides. Given Jacksons budget constraint, what is the maximum utility he can receive from amusement park rides? # OF MARGINAL UTILITY MARGINAL UTILITY RIDESFROM BUMPER FROM SPLATTER MOUNTAIN MARGINAL UTILITY FROM ROLLER COASTER CARS 200 100 60 20 240 150 50 150 90 60 30 20 300 utils 890 utils 1210 utils 550 utils We dont have enough information to answer this question.

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution