I https ud Microeconomics Fal 17 ab Quiz: Quiz #7 Submit Quiz This Question: 1 p

Question

I https ud Microeconomics Fal 17 ab Quiz: Quiz #7 Submit Quiz This Question: 1 pt This Quiz: 24 2 of 1 of: Total Utility of Last Product Price 0 of Oranges S0 60 40 s. Joe's marginal utility per dollar spent on oranges isunits of utlity per dollar The total amount of his income Joes spends on apples and oranges is Is Joe maximizing his utilty? dolars 0 of O A. Yes, Joe is mavimizing his total utility Marginal utity per dolar spent on each good is equat, and he has some of his income hat he does not spend on apples or oranges that he may save O B. Yes, Joe is maximizing his total utity, Marginal utility per dollar spent on each good is equal, and he is spending his entre budget O C. No, Joe is not maximizing his ublity If he spent more on oranges he could gain greater saisfaction per dollar spent O D. No, marginal utility per dollar spent on each good is equal, but Joe has some money let in his budget which could be used to increase his utblity 0 of 0 of 1 here to search

Explanation / Answer

1) 25

2)30 (given in the table)

3)49 (.5x50+.6x40)

4)B (price of apples/price of oranges=Marginal utility of apples/marginal utility of oranges=0.8333)

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