If the prices of ice-cream and chocolate are Rs. 40 and Rs. 30 respectively, and the marginal utility of chocolate is 150, what is the marginal utility of ice cream assuming the consumer is at equilibrium?
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1 mark, −0.33MicroeconomicsConsumer preferences and utilityMarginal utility and the equi-marginal principleEasyabout 1 min
UoH 2014 Question 5: Consumer preferences and utility
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Consumer preferences and utility has come up 93 times in 7 exams since 2007.
What this question tests
This question is on Marginal utility and the equi-marginal principle, part of Consumer preferences and utility in Microeconomics.
Diminishing marginal utility and the cardinal rule that a consumer equalises marginal utility per rupee across goods.
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