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At Dave's current consumption bundle (involving positive units in both hot dogs and sodas) his marginal utility for hot dogs is 5 and his marginal utility for sodas is 4. If the price of one hot dog is $3 and the price of one soda is $2, is Dave currently maximizing his utility? If not, how should he reallocate his spending in order to increase his utility?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942010

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