If Ellie Mae spends her income on possum and biscuits and the price of possum is three times the price of biscuits, then when Ellie Mae maximizes total utility, she will buy
a. equal quantities of possum and biscuits
b. three times as much possum as biscuits
c. three times as many biscuits as portions of possum
d. biscuits and possum until the marginal utility of possum is three times the marginal utility of biscuits
e. biscuits and possum until the marginal utility of biscuits is three times the marginal utility of possum
Question 2
Suppose that for Jason the marginal utility of 50-per-serving caviar is 100 and the marginal utility of 1-per-serving popcorn is 10 . For his snack, Jason should buy
a. the caviar if he has the 50; otherwise the popcorn
b. the caviar if he has the 50; otherwise nothing
c. the popcorn, whether he has the 50 or not
d. one serving each of the caviar and popcorn, if he has 51
e. five servings of popcorn for each serving of caviar
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Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...