The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. If Jane's total budget for magazines and CDs is $70.00 per week, what is her total utility at her utility maximizing consumer equilibrium?
A) 2480 units
B) 1870 units
C) 210 units
D) 30 units
A
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____________ solves the mutual coincidence of wants problem
a. Barter b. Mercantilism c. Free trade d. Money
The expenditure line in the Keynesian cross diagram represents the:
A. equilibrium condition that Y = Y*. B. relationship between consumption and after-tax disposable income. C. relationship between planned expenditure and output. D. equilibrium condition that Y = PAE.
If you watch a pay-per-view movie on a cable TV, the movie is:
A. an excludable good/service but nonrival in consumption. B. an excludable good/service and rival in consumption. C. a non-excludable good/service but rival in consumption. D. a non-excludable good/service and nonrival.
Refer to the diagram. A government-set price floor is best illustrated by:
A. price A.
B. quantity E.
C. price C.
D. price B.