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For a consumer, the marginal utility of good A is 25 and its price is $5. The marginal utility of good B is 60 and its price is $12. The consumer has allocated his entire budget. Is this consumer maximizing his total utility? Explain your answer.
Managerial Success
Achieving organizational goals effectively and efficiently through planning, organizing, leading, and controlling resources.
Economic Resources
The land, labor, capital, and entrepreneurial ability that are used to produce goods and services. Also known as the factors of production.
Central Planning
An economic system where major decisions about the production, allocation, and distribution of goods and services are made by the government.
Economy Expands
A phase of the economic cycle where there is an increase in industrial production, employment, income, and sales, indicating overall growth in the economy.
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