We appreciate your visit to If apples cost 3 per pound and bananas cost 5 per pound how many pounds of bananas should Bill buy if he wants to maximize. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Final answer:
With a budget of $31, and if bananas cost $5 per pound, Bill can buy approximately 6.2 pounds of bananas if he wants to maximize his utility by buying only bananas.
Explanation:
In this case, Bill should optimize his fruit budget by purchasing the fruit that will maximize his utility. This means, given the cost of apples and bananas, he should figure out how many pounds of each he can buy with his $31. But the question asks about maximizing utility with bananas only.
To find out how many pounds of bananas Bill can buy, we need to divide his budget by the cost per pound of bananas. Here's how you calculate it:$31 (Bill's budget) ÷ $5 (cost per pound of bananas) = 6.2 pounds of bananas.
Therefore, Bill can buy approximately 6.2 pounds of bananas if he spends all of his budget on bananas. It is important to note that utility is subjective and depends on individual preferences. So, the utility maximization would indeed be dependent if Bill prefers bananas more than apples.
Learn more about Utility Maximization here:
https://brainly.com/question/32296953
#SPJ12
Thanks for taking the time to read If apples cost 3 per pound and bananas cost 5 per pound how many pounds of bananas should Bill buy if he wants to maximize. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
3.0 The marginal utility of the 4th pound of apples is 9 (54-45), and the price of apples is $3 per pound; therefore, the marginal utility per dollar spent is 3 (9/$3 = 3).
The written or printed margins on the margins of a page or sheet. 2a: of, relating to or situated on an edge or boundary. b: Not of Central Importance Views violence as a peripheral rather than a central issue: Limited in scale, importance, or status, and marginal business success.
This principle takes into account the company's goal of maximizing profits, and a decision is said to be reasonable and rational if it leads to increased profits. This happens in one of two scenarios.
Limit just means what happens. That is, a grade very close to the minimum passing grade. Marginal means that it just happens. That is, a grade very close to the minimum passing grade. limit just means what happens
Learn more about marginal here
https://brainly.com/question/12231343
#SPJ4
