Joseph Chooses a Combination of Apples and Oranges Along His

question 174

Multiple Choice

Joseph chooses a combination of apples and oranges along his budget line.the marginal rate of substitution of apples in place of oranges is 2, the price of an apple is $0.50, and the price of an orange is $0.10.Joseph:

• A)is maximizing total utility.
• B)should consume more apples and fewer oranges to maximize total utility.
• C)should consume fewer apples and more oranges to maximize total utility.
• D)may or may not be maximizing total utility.

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Definitions:

Track Record

The accumulated history or performance data of an individual or entity, often indicating success or reliability over time.

New Tasks

Fresh or unaccustomed duties, activities, or challenges that are assigned or undertaken.

Continuous Record

An uninterrupted and consistently maintained documentation or log of events, transactions, or observations over time.

Past Failures

Refer to previous unsuccessful attempts or experiences that did not achieve intended results.