Solve the Problem. -The Owners of a Candy Store Want to Sell, for to Sell

question 69

Multiple Choice

Solve the problem.
-The owners of a candy store want to sell, for $6 per pound, a mixture of chocolate-covered raisins, which usually sells for $3 per pound, and chocolate-covered macadamia nuts, which usually sells for $8 per pound.
They have a 40-pound barrel of the raisins. How many pounds of the nuts should they mix with the barrel of
Raisins so that they hit their target value of $6 per pound for the mixture?

• A)56 lb
• B)52 lb
• C)64 lb
• D)60 lb

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Definitions:

Price of X

The cost at which a specific item or commodity, denoted as "X," is sold in the market.

Marginal Rate of Substitution

The exchange rate between goods that allows a consumer to trade off one product for another without altering their overall happiness.

Convex Preferences

A characteristic of consumer preference whereby a consumer prefers combinations or mixtures of goods over extreme amounts of single goods, displaying a preference for diversification.

Indifference Curve

A graph showing a combination of two goods that give a consumer equal satisfaction and utility, demonstrating the consumer's preference.