review-questions-6-7-8-a

review-questions-6-7-8-a - B. 5 units of J and 5 units of...

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STUDY GUIDE-ECON 2010 Replace questions 47 and 48 from your study guide with these questions: Answer the next question(s) on the basis of the following two schedules which show the amounts of additional satisfaction (marginal utility) which a consumer would get from successive quantities of products J and K. 1. Refer to the above data. If the consumer has a money income of $52 and the prices of J and K are $8 and $4 respectively, the consumer will maximize her utility by purchasing: A. 2 units of J and 7 units of K.
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Unformatted text preview: B. 5 units of J and 5 units of K. C. 4 units of J and 5 units of K. D. 6 units of J and 3 units of K. 2.Answer the next question(s) on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18. 2. Refer to the above data. How many units of the two products will the consumer purchase? A. 3 of L and none of M B. 4 of L and 2 of M C. 3 of L and 5 of M D. 2 of L and 3 of M Answer key 1. C 2. D...
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review-questions-6-7-8-a - B. 5 units of J and 5 units of...

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