Given the data in the above table, income of $13, a price of $1 for a bottle of water and $2 for a hamburger, what is the marginal utility per dollar spent on water and on hamburgers when the consumer is in consumer equilibrium?

A) 20 units of utility per dollar spent
B) 10 units of utility per dollar spent
C) 5 units of utility per dollar spent
D) 1 unit of utility per dollar spent

C

Economics

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Other things equal, a tariff is:

A. superior to an import quota for Americans because a tariff increases the profits of foreign producers. B. inferior to an import quota for Americans because a tariff increases the profits of domestic producers. C. superior to an import quota for Americans because a tariff generates revenue for the U.S. Treasury.

Economics

The structural deficit is determined by established expenditure-transfer policies and tax rates and is independent of the current level of GDP.

Answer the following statement true (T) or false (F)

Economics