please answer the both questions 3,29!!!! 3. A consumer is observed to display the following:MUyPyMUXPrMU: and MUy are the marginal utilities from goods X and Y, respectively. Px and Py are theprices of goods x and y. To increase utility, what should the consumer do?a) Decrease the price of good xc) Increase consumption of good yb) Increase the price of good yd) Decrease consumption of good y 29. Consider a firm minimising the cost of production, given factor prices. For this firm, thefollowing is observed:MPL MPKwhere w is the wage rate, r is the rental rate of capital, MPL is the marginal product of labourand MPx is the marginal product of capital. To minimise the cost of production, what shouldthis firm do?a) Pay higher wages.c) Use more labour and less capital.b) Pay lower rental rate of capital.d) Use less labour and more capital.

Since you have posted multiple questions, we will solve the first one for you. If you want any…

Answered: 3. A consumer is observed to display…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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