Javier enjoys eating cookies and drinking milk,but he experiences diminishing marginal utility when consuming both of them.The following table represents the marginal utility he gets from the first 5 units of each item.Cookies cost 50 cents each,whereas glasses of milk cost $1 each.
a.If Javier has only $2.00,which combination of milk and cookies maximizes his utility?
b.If Javier's spending ability increases to $3.50,what combination of milk and cookies maximizes his utility?
c.If Javier does not have a budget constraint,what combination of milk and cookies maximizes his utility?
Definitions:
SUTA Taxes
State Unemployment Tax Act taxes that employers pay to provide unemployment benefits to workers who lose their jobs.
FUTA Taxes
Federal unemployment taxes employers must pay, contributing to the US government's fund to support those unemployed.
Current Liability
A company's debt or obligations that are due within one year.
Recognized Revenues
This accounting concept refers to revenues that have been earned (goods or services have been delivered), and there is a reasonable certainty of collection.
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