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Optimal Consumer ChoiceMeaghan has a budget of $390 a year to spend on jeans and shoes. The table ...

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Optimal Consumer ChoiceMeaghan has a budget of $390 a year to spend on jeans and shoes. The table ...

Optimal Consumer Choice

Meaghan has a budget of $390 a year to spend on jeans and shoes. The table shows her marginal utility from each good.

Quantity per Week	Marginal Utility from Jeans	Marginal Utility from Shoes
1	540	480
2	450	420
3	360	360
4	180	300
5	180	240

If the price of a pair of jeans is $90 and the price of a pair of shoes is $120, how does Meaghan allocate her budget between jeans and shoes?

▸ 3 pairs of jeans, 1 pair of shoes

▸ 4 pairs of jeans, 3 pairs of shoes

▸ 5 pairs of jeans, 5 pairs of shoes

▸ 2 pairs of jeans, 2 pairs of shoes

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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rventurec Author

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Good timing, thanks!

wyq2651

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This helped my grade so much Perfect

2ne1_12345

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Thanks

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