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Assume that for a given consumer, the marginal utility of cheap food is 100 and the price of cheap ...

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Assume that for a given consumer, the marginal utility of cheap food is 100 and the price of cheap ...

Assume that for a given consumer, the marginal utility of cheap food is 100 and the price of cheap food is $40. Also, assume that the marginal utility of environmental quality is 200 and the price of environmental quality is $100. This consumer:

• Is in equilibrium.

• Should buy more cheap food.

• Should buy more environmental quality.

• Can't tell; insufficient information given to answer this question.

Textbook

Introduction to Agricultural Economics

Edition: 7^th

Authors: Penson, Rosson, Woodward

Read 111 times

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More solutions for this book are available here

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This helped my grade so much

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