If lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when lisa maximizes her utility she will buy?

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19-08-2022
Mathematics

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If lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when lisa maximizes her utility she will buy?

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tutorconsortium33 tutorconsortium33 · Answer 1 · 2022-08-28T01:14:52-04:00

If Lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when Lisa maximizes her utility she will buy both goods until the marginal utility of veggie burgers is three times the marginal utility of soy milk.

What is marginal utility?

In economics, utility is defined as the satisfaction or benefit gained from using a product.
The marginal utility of a good or service describes how much pleasure or satisfaction consumers gain as a result of a one-unit increase or decrease in consumption.
There are three different kinds of marginal utility.
They have a marginal utility of either positive, negative, or zero.
For example, if Lisa spends her money on veggie burgers and pints of soy milk, and the price of the veggie burgers is three times the price of the soy milk, Lisa will maximize her utility by purchasing both goods until the marginal utility of the veggie burgers is three times the marginal utility of the soy milk.

Therefore, if Lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when Lisa maximizes her utility she will buy both goods until the marginal utility of veggie burgers is three times the marginal utility of soy milk.

Know more about marginal utility here:

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