A Consumer Has the Preferences as Shown in the Table

question 213

Essay

A consumer has the preferences as shown in the table. If his income is $230, the price of jeans is $20 per pair, and the price of a shirt is $30, how many pairs of jeans would this person buy? Suppose the price of jeans rises to $25. How many jeans would be purchased? Show your results in a demand curve.
$\begin{array}{|c|c|c|}\hline \text { Unit } & \begin{array}{c}\text { Marginal Utility } \\\text { of Jeans }\end{array} & \begin{array}{c}\text { Marginal Utility } \\\text { of Shirts }\end{array} \\\hline 1 & 110 & 210 \\\hline 2 & 90 & 195 \\\hline 3 & 85 & 180 \\\hline 4 & 80 & 150 \\\hline 5 & 75 & 120 \\\hline 6 & 50 & 108 \\\hline\end{array}$

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