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nakungth nakungth
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6 years ago
Bob views apples and oranges as perfect substitutes in his consumption, and MRS = 1 for all combinations of the two goods in his indifference map.  Suppose the price of apples is $2 per pound, the price of oranges is $3 per pound, and Bob's budget is $30 per week.  What is Bob's utility maximizing choice between these two goods? 
A) 4 pounds of apples and 6 pounds of oranges
B) 5 pounds of apples and 5 pounds of oranges
C) 10 pounds of oranges and no apples
D) 15 pounds of apples and no oranges
E) none of the above
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Microeconomics

Microeconomics


Edition: 8th
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