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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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?
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