Lisa consumes only pizzas and burritos. In equilibrium, her marginal utility of pizza is 28 and...
Lisa consumes only pizzas and burritos. In equilibrium, her marginal utility of pizza is 28 and her marginal utility of a burrito is 21. The price of a pizza is $3. Instructions: Round your answer to 2 decimal places. The price of a burrito is ___?
Homework Answers
Ans) $ 2.25
At equilibrium, Marginal utility of pizza / marginal utility of burrito = price of pizza / price of burrito
28/21 = 3 / price of burrito
Price of burrito = 21*3/28 = 2.25
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