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Question: Suppose that the marginal utility of apples is 5A, where A is the number of apples consumed, i.e. MUA = 5A, and MU = 3B is the marginal utility of bananas. Find the marginal rate of substitution of apples B for bananas. Next suppose that the price of an apple is 25 cents and the price of a banana is 10 cents. If the consumer is maximizing utility, what is the ratio of apples to bananas consumed. Finally, suppose that the consumer has 5 dollars to spend on apples and bananas. How many of each does the consumer choose?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92582757

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