What is the loss of utility by moving from a bundle of books

Reference no: EM133659794

Problem: Mandy has preferences over books and magazines. Her preferences are represented by the utility function U = √MB, where B represents the quantity of books consumed and M represents magazines. (1) At a combination of 20 magazines and 10 books, what is Mandy's utility? (2) At a combination of 20 magazines and 10 books, what is Mandy's marginal utility of magazines? (3) At a combination of 20 magazines and 10 books, what is Mandy's MRS? (4) What is the loss of utility by moving from a bundle of 20 books and magazines each to a bundle of 20 books and 10 magazines? (5) How many books are required along with 10 magazines to give the same utility as 20 of each?

Reference no: EM133659794

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