Andy purchases only two goods apples q1 and kumquats q2 he


Andy purchases only two goods, apples (q1) and kumquats (q2). He has an income of $40 and can buy apples at $2 per pound and kumquats at $4 per pound. His utility function is U(q1,q2)=3(q1)+ 5(q2). What is his marginal utility for apples and what is his margina utility for kumquats? What bundle of apples and kumquats should he purchase to maximize his utility? Why?

Request for Solution File

Ask an Expert for Answer!!
Business Economics: Andy purchases only two goods apples q1 and kumquats q2 he
Reference No:- TGS0986645

Expected delivery within 24 Hours