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Sliva [168]
1 year ago
6

Jonas purchases only two goods, starfruit (s) and kiwi (k). he has an income of $60 and can buy starfruit at $2 per pound and ki

wi at $3 per pound. his utility function is:_________-
Business
1 answer:
GrogVix [38]1 year ago
6 0

The Utility Function Shows That S and K can be used interchangeably, according to the utility function, and only one of them is really consumed.

  • Utility in economics refers to the pleasure or happiness that customers derive from using an item or service. Consumer preferences for a variety of products and services are gauged by the utility function.

<u>CALCULATION</u>

Although the benefit or happiness that customers experience is calculated in units called utils

  • MPs / MPk = 3/4 = 0.75 for MRS.
  • Ps / Pk= 2 / 3 = 0.67
  • MRS > Ps/Pk,

Hence only S will be employed.

'Starfruit' = 60 / 2 = '30

Kiwi = 0

To Learn more about Utility Function, Click the links.

brainly.com/question/21326461

brainly.com/question/25077729

#SPJ4

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