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Jason likes to buy guitars and trumpets. His marginal utility of guitars is given by MUG = (7T0.3)/(10G0.3) and his marginal utility for trumpets is given by MUT = (3G0.7)/(10T0.7), where G is the number of guitars Jason buys and T is the number of trumpets Jason buys. Guitars cost $100 each, trumpets cost $150 each, and Jason has income of $2,000. What combination of guitars and trumpets would maximize Jason's utility?
1) 8 guitars and 8 trumpets 2) 11 guitars and 6 trumpets 3) 17 guitars and 2 trumpets 4) 14 guitars and 4 trumpets 5) none of the above
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Explicate Illustrate what will happen to output and the cost level play in this adjustment.
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