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February 27, 2015

February 27, 2015

Posted by **christina** on Monday, October 19, 2009 at 10:39am.

- economics -
**economyst**, Monday, October 19, 2009 at 11:22amTo maximize utility, a consumer should purchase the item that provides the highest marginal utility per dollar. Then the next highest, then the next highest until the consumer runs out of money.

So divide the MUs by the price and keep picking items until you run out of money.

I get the consumer will choose 2.667 lbs tbone and 2 lbs ground round OR 2.333 lbs tbone and 3 lbs ground round. (both answers give the same total utility)

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