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madam [21]
3 years ago
7

Suppose you have a monthly entertainment budget that you use to rent movies and purchase cds. you currently use your income to r

ent 5 movies per month at a cost of​ $5.00 per movie and to purchase 5 cds per month at a cost of​ $10.00 per cd. your marginal utility loading... from the fifth movie is 3030 and your marginal utility from the fifth cd is 5050. are you maximizing​ utility? you are
Business
1 answer:
Lelu [443]3 years ago
5 0
You are not maximizing utility, because the marginal utility per dollar spent renting movies is not equal to the marginal utility per dollar spent on​ CDs. We will maximizing utility when the consumers decide to allocate their money incomes so that the last dollar spent on each product purchased yields the same amount of extra marginal utility.
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