Consider a consumer of baked beefsteaks and fried fish fillets. Suppose the price of a plate of baked beefsteak is $8 and that of fried fish fillets is $10 at a restaurant. If the marginal utility of baked beefsteak to the consumer is 20 units, compute the marginal utility of fried fish fillets, assuming that the consumer is in equilibrium
a. 12 units
b. 20 units
c. 25 units
d. 80 units
c
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A) i and ii B) i and iii C) ii and iii D) i, ii and iii E) i only
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A. $103.77 B. $94.67 C. $106.60 D. $116.00
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A. 14 B. 25 C. 30 D. 19
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A) Allocative efficiency B) Productive efficiency C) Equity D) Optimal marginalism