Question: Consumer choice theory/utility maximization. State the rule for optimal consumption bundles. Given a demand function of P = 500 20Qd and a supply function

Consumer choice theory/utility maximization. State the rule for optimal consumption bundles. Given a demand function of P = 500 – 20Qd and a supply function of P = 100 + 20Qs, calculate the total expected level of utility at the equilibrium level of output. Using the information provided in part b of this question, calculate the expected level of marginal utility at the equilibrium level of output.

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