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Given the table of marginal utilities for CD's and century books, calculate the optimal quantity and total utility at equilibrium.
Quantity per month
MU classical cd's
MU 18th century books
1
90
120
2
20
16
3
12
4
5
8
a) She spends $75 per month. Cd is $15 and books are $15. How many cds and books can she buy each month.
b) Suppose she got a raise and spends an additional $30 a month. How many will she buy each month?
MU classical cds
TU classical cds
TU 18th century books
c) Finish the Table. MU-marginal utility; TU- total utility
d) What is Sarah's total utility at equilibrium?
e) Draw Sarah's budget line for part a and her budget line for part b on the same graph.
f) On the same graph show how sarahs utility changed from part a to part b using indifference curves.
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