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B.1.4.3 Teaching Quiz

B.1.4.3 Teaching Quiz

Q Question 1 25 / 25 pts Columns 1 through 3 in the table below show the marginal utility which a particular consumer would get by purchasing various quantities of products A, B, and C. A B C Units of Product MuA MuA /$ MuB MuB /$ MuC MuC /$ First 77 60 36 Second 70 50 33 Third 56 45 27 Fourth 49 40 18 Fifth 35 25 15 Sixth 28 20 12 Seventh 7 15 9 If the prices of A, B, and C are $7, $5, and $3, respectively, and the consumer has $75 to spend on these three products, what combination of the three products should be purchased in order to maximize utility? How many units of product A? How many units of product B? How many units of product C? What is the Total Utility of the purchase?

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