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How many packages of butter and margarine will he choose

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Reference no: EM131988860

Suppose Bill views butter (b) and margarine (m) as perfectly substitutable for each other.

His utility function is U(b,m)=b+m

If butter costs $2 per package, while margarine costs only $1, and Bill has a $20 budget to spend for the month, how many packages of butter and margarine will he choose?

Reference no: EM131988860

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