Question

keegan has​ $30 to spend on pita wraps and bubble tea. the price of a pita wrap is​ $6 and the price of a glass of bubble tea is​ $3. the table to the right shows his total utility from different quantities of the two items. what is​ keegan's optimal consumption​ bundle? part 2 a. 3 pita wraps and 3 bubble teas b. 5 pita wraps and 0 bubble teas c. 3 pita wraps and 4 bubble teas d. 4 pita wraps and 2 bubble teas

Answer 1

Keegan's optimal consumption​ bundle is 3 pita wraps and 4 bubble teas.

What is Total utility?

Total utility is the total amount of pleasure or fulfillment a consumer experiences as a result of using a particular good or service. Marginal utility, or the pleasure a consumer has from consuming one more unit of an item or service, is sometimes contrasted with total utility.

What is marginal utility, exactly?

The additional satisfaction a consumer experiences from owning one extra unit of an item or service is known as marginal utility. Economists utilize the idea of marginal utility to estimate the quantity of a good that consumers will buy. Progressive taxation are frequently defended using the law of diminishing marginal utility.

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