Suppose consumer Aya is analyzing which combination of two products she should purchase with her fixed daily

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Suppose consumer Aya is analyzing which combination of two products she should purchase with her fixed daily income of $17. The products are chips and chocolates. The price for chips is $1 and price for chocolate is $2 as mentioned in table below

Unit of product	Marginal Utility for chip	Marginal Utility for Chocolate
1^st	11	26
2^nd	9	24
3^rd	8	20
4^th	7	18
5^th	6	16
6^th	5	12

Required: Apply the consumer behavior theory to calculate the following

a. The number of choice for Aya to achieve her consumer equilibrium

b. The total marginal utility for combination of good attainable by Aya

Related Book For answer-question

Analysis for Financial Management

ISBN: 978-0077861780

11th edition

Authors: Robert Higgins

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Posted Date: Nov 19, 2022 04:20 AM

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Suppose consumer Aya is analyzing which combination of two products she should purchase with her fixed daily

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Answer fixed daily Income 17 I Chip 1 and I chocolate 2 2 1 Ch... View the full answer

Analysis for Financial Management

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