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Determine whether andrew has maximised his utility

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Reference no: EM133525836

Question: Andrew use his income to purchase two types of goods: movie tickets and concert tickets. Suppose that the marginal utility of a movie ticket is 150 utils and the cost is RM10 per ticket, while the marginal utility of a concert ticket is 550 utils and the cost is RM100 per ticket. Using the cardinal utility approach, determine whether Andrew has maximised his utility. Please provide the explanation. What Andrew should do in order to maximise his utility?

Reference no: EM133525836

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