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rsbains rsbains
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5 years ago
The price of a piece of pizza is $1 and the price of a movie is $4 and the consumer has $10. A consumer has purchased 2 pieces of pizza and 2 movies, receiving 25 units of utility for the second pizza and 100 units of utility for the second movie. The set of goods

• is not an optimum because the marginal utility per dollar spent is greater for pizza than for movies.

• is not an optimum because the consumer has not spent all of his money.

• is an optimum since the entire income is spent and the marginal utility per dollar spent is the same for the last unit of each good.

• is an optimum since the entire income is spent and total utility is minimized.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
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Mtoney9Mtoney9
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rsbains Author
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5 years ago
Thanks
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