The total utility of your consumption of widgets is 40; it changes by 2 with each change

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The total utility of your consumption of widgets is 40; it changes by 2 with each change in widgets consumed.

The total utility of your consumption of wadgets is also 40 but changes by 3 with each change in wadgets consumed.

The price of widgets is $2 and the price of wadgets is

$3. How many widgets and wadgets should you consume?

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Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

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Question Posted: Mar 14, 2024 04:02 AM

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The total utility of your consumption of widgets is 40; it changes by 2 with each change

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To determine how many widgets and wadgets you should consume to maximize your utility we need to compare the marginal utility per dollar for each good ...View the full answer

Microeconomics

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