Answer the Question on the Basis of the Following Two

question 57

Multiple Choice

Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K. What level of total utility is realized from the equilibrium combination of J and K, if the consumer has a money income of $52 and the prices of J and K are $8 and $4, respectively?

• A)156 utils
• B)124 utils
• C)276 utils
• D)36 utils

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Definitions:

Ambiguous

Referring to language or statements that have more than one possible interpretation or meaning, often leading to confusion or misunderstanding.

Critical Thinking

The process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and evaluating information to reach an answer or conclusion.

Interpret

To explain the meaning of information, words, or actions, especially in a specific context.