Answers
The price of apples is $0.75 per unit and the price of bananas is $0.50 per unit. The marginal utility from consuming an apple is 24 utils and it is given that the individual is maximizing the utility. So,
Where
MUA represents the marginal utility from consuming an apple.
MUB represents the marginal utility from consuming a banana.
PA is the price of an apple.
PB is the price of a banana.
Putting the values:
Therefore, the marginal utility from consuming a banana is 16 utils. So, the correct answer is 'option b'.
MUA MUB PA = PE
24 MUA 0.75 - 0.50
MUB =- 0.50 x 24 0.75
MU; = 16
.
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