11. (Originally #7 on Homework #3) Consider a consumer with the following information: At the optimal consumption bundle this consumer consumes 3 boxes of apples and 3 boxes of oranges. If the Marginal Rate of Substitution of Apples for Oranges is 6 at the optimal consumption bundle (MRSA0=6), and the price of a box of Oranges is $1.80, what is the price of a box of Apples? Show how you found your answer.

11. (Originally #7 on Homework #3) Consider a consumer with the following information: At the optimal consumption bundle this consumer consumes 3 boxes of apples and 3 boxes of oranges. If the Marginal Rate of Substitution of Apples for Oranges is 6 at the optimal consumption bundle (MRSA0=6), and the price of a box of Oranges is $1.80, what is the price of a box of Apples? Show how you found your answer.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 6QR

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