Business, 05.03.2020 03:36 lsutton6501
Gilberto lives in Philadelphia and loves to eat desserts. He spends his entire weekly allowance on jello and pie. A bowl of jello is priced at $1.75, and a piece of apple pie is priced at $7.00. At his current consumption point, Gilberto's marginal rate of substitution (MRS) of jello for pie is 4. This means that Gilberto is willing to trade four bowls of jello per week for one piece of pie per week. Does Gilberto's current bundle maximize his utility—in other words, make him as well off as possible? If not, how should he change it to maximize his utility?
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Gilberto lives in Philadelphia and loves to eat desserts. He spends his entire weekly allowance on j...
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