1. The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity TUx MUX MUx/Px TUy MUy MUy/Py 0. 0. 1 50 75 88 117 121 153 4 150 181 175 206 6. 196 225 214 243 8. 229 260 6. 241 276 a. Fill in the other columns of the table by calculating the marginal utilities for goods X and Y and the ratios of marginal utilities to price for the two goods. Assume that the price of both goods X and Y is $3. b. If James allocates $30 to spend on both goods, how many units will he buy of each?

1. The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity TUx MUX MUx/Px TUy MUy MUy/Py 0. 0. 1 50 75 88 117 121 153 4 150 181 175 206 6. 196 225 214 243 8. 229 260 6. 241 276 a. Fill in the other columns of the table by calculating the marginal utilities for goods X and Y and the ratios of marginal utilities to price for the two goods. Assume that the price of both goods X and Y is $3. b. If James allocates $30 to spend on both goods, how many units will he buy of each?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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