2. The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity MUx/Px TUy 0. MUy MUy/Py 50 75 88 117 3 121 153 150 181 175 206 6. 196 225 214 243 8. 229 260 9. 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? c. How much will James spend on each good at the utility maximizing combination? d. How much total utility will James experience by buying the utility-maximizing combination? e. Suppose the price of good Y increases to $6. How many units of X and Y will he buy to maximize his utility now? 012 M4

2. The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity MUx/Px TUy 0. MUy MUy/Py 50 75 88 117 3 121 153 150 181 175 206 6. 196 225 214 243 8. 229 260 9. 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? c. How much will James spend on each good at the utility maximizing combination? d. How much total utility will James experience by buying the utility-maximizing combination? e. Suppose the price of good Y increases to $6. How many units of X and Y will he buy to maximize his utility now? 012 M4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

I only need help with letters C. D. And E. ONLY!!!

2. The table shows the total utility (TU) that James receives from consuming different
amounts of two goods X and Y, per month.
Quantity
MUx/Px
TUy
0.
MUy
MUy/Py
50
75
88
117
3
121
153
150
181
175
206
6.
196
225
214
243
8.
229
260
9.
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?
c. How much will James spend on each good at the utility maximizing combination?
d. How much total utility will James experience by buying the utility-maximizing
combination?
e. Suppose the price of good Y increases to $6. How many units of X and Y will he
buy to maximize his utility now?
012 M4

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