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olganol [36]
3 years ago
10

Josh's weekly budget for lunch is $24. He eats only pizza and burgers. Each pizza costs $6 and each burger costs $3. Josh knows

that 2 pizzas and 4 burgers will give him a utility of 8 units. He also knows that he gets equal marginal utility per dollar he spends at this level. What is Josh’s utility-maximizing point?
Business
1 answer:
egoroff_w [7]3 years ago
8 0

Answer:

The answer is: Josh's utility maximizing point is when he buys 2 pizzas and 4 burgers.

Explanation:

If Josh gets equal marginal utility per dollar spent when buying one pizza and 2 burgers, that means that every pizza and every burger give Josh 10.67 utility unit per dollar spent. So Josh can obtain maximum 16 units of utility with his budget and his purchasing options (= $24 x 0.67 units of utility per dollar). The way he can maximize his utility is by buying two packs of one pizza and two burgers per pack, since every pack will give him 8 units of utility.

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2 years ago
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3 years ago
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A

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5 0
2 years ago
An example of form utility is when a customer gives cash in exchange for a pair of
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Answer:

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