Unit 13 Consumer Choice Worksheet Equimarginal Rule: marginal utility of last x consumed price of x Problem 1: What is t

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Unit 13 Consumer Choice Worksheet Equimarginal Rule Marginal Utility Of Last X Consumed Price Of X Problem 1 What Is T 1 (63.91 KiB) Viewed 46 times

Unit 13 Consumer Choice Worksheet Equimarginal Rule: marginal utility of last x consumed price of x Problem 1: What is the point of the equimarginal rule? Problem 2: Joe has a $27 monthly fast food budget. He can purchase subs, burgers, or tacos. a) Fill in the missing columns (marginal utility per dollar). b) Explain what you are calculating in the missing column. $5 Subs $4 Burgers # MUS MUS MUB P 1st 50 36 2nd 45 32 3rd 40 4th 35 24 1st 2nd 3rd 4th MUB PR marginal utility of last y consumed price of y c) Given Joe's budget constraint, what consumption combination would maximize his. utility? d) What additional purchase should Joe make if his budget increased to $31? $2 Tacos MUT 20 16 12 8 1st 2nd 3rd 4th MUT Pr