Question: Marginal Utility per Dollar Quantity of Total Marginal Marginal Quantity of Total Marginal Marginal Product A Utility Utility Utility per Product B Utility Utility per

Total Marginal Marginal Product A Utility Utility Utility per Product B Utility

Marginal Utility per Dollar Quantity of Total Marginal Marginal Quantity of Total Marginal Marginal Product A Utility Utility Utility per Product B Utility Utility per Dollar Utility Dollar 8 ? 19 19 ? 2 15 7 ? 2 37 18 21 6 ? 3 54 17 ? 4 26 5 4 70 16 ? 5 30 4 ? 5 85 15 6 33 3 ? 6 99 14 ? 7 35 2 ? 7 112 13 ? Your buddy Joseph wants your advice. He presents you with the utility schedule above and wants to know how many units of Product B he should purchase to maximize his utility. He tells you the price of Product A is $2 and the price of Product B is $5. Joseph informs you he only wants to spend $31. How many units of Product B do you tell Joseph to purchase? Provide your answer below: units of Product BAt 140 units of output, marginal revenue is $8. marginal cost is $8, and average cost is $6. If consumers demand 140 units of output when the price is $9, what is the expected profit? Provide your answer below: m

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