Suppose you have a fixed monthly budget for audio tapes and CDs, the price of CD

Question

Suppose you have a fixed monthly budget for audio tapes and CDs, the price of CDs is $10 and tapes is $5. Further assume that your marginal utility of CD is 60, and your Marginal utility of tapes is 15. Are you doing the best you can with your music budget? If not, should you buy more CDs (fewer tapes) or more tapes (fewer CDs). Use the principle of marginal utility. Suppose you have a fixed monthly budget for audio tapes and CDs, the price of CDs is $10 and tapes is $5. Further assume that your marginal utility of CD is 60, and your Marginal utility of tapes is 15. Are you doing the best you can with your music budget? If not, should you buy more CDs (fewer tapes) or more tapes (fewer CDs). Use the principle of marginal utility. Suppose you have a fixed monthly budget for audio tapes and CDs, the price of CDs is $10 and tapes is $5. Further assume that your marginal utility of CD is 60, and your Marginal utility of tapes is 15. Are you doing the best you can with your music budget? If not, should you buy more CDs (fewer tapes) or more tapes (fewer CDs). Use the principle of marginal utility.

Explanation / Answer

Suppose you have a fixed monthly budget for audio tapes and CDs, the price of CD

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