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Omar's marginal utility for cups of coffee is constant at 1.5 utils per cup no matter how many cups he drinks. His marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second, and so on (declining by 1 util per additional doughnut). Coffee and doughnuts each cost 1$. Omar has a budget he can spend on coffee, doughnuts, or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M970154

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