Multiple Choice
Eric is maximizing his total utility through his choices of two goods: clothes and food. His marginal utility of clothes is 60 and his marginal utility of food is 12. The price of clothes is $20. What must be the price of food?
A) 12.
B) 6.
C) 4.
D) 1.
E) 0.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q17: Assume the price of Levi jeans increases.
Q18: Exhibit 6-1 Total utility for good
Q19: The utility of a good measures its
Q21: If finding the last stamp to complete
Q23: The utility of a good is:<br>A) different
Q24: Utility refers to the:<br>A) relationship of demand
Q26: Assume P<sub>x</sub> is the price of good
Q27: If a consumer wishes to maximize satisfaction
Q70: Assume the total utilities corresponding to the
Q71: If the first four units of a