A consumer has a utility function such that the marginal utility for good x is given by MUx-(2y/(3x) and the marginal utility of good y is given by MUy- 1/y, where x represents the amount of good x and y represents the amount of good y. Therefore, O the marginal utility of x is increasing as consumption of x increases. O the marginal utility of x is diminishing as consumption of x increases. the marginal utility of y is increasing as consumption of x increases. the marginal utility of y is decreasing as consumption of x increases.

A consumer has a utility function such that the marginal utility for good x is given by MUx-(2y/(3x) and the marginal utility of good y is given by MUy- 1/y, where x represents the amount of good x and y represents the amount of good y. Therefore, O the marginal utility of x is increasing as consumption of x increases. O the marginal utility of x is diminishing as consumption of x increases. the marginal utility of y is increasing as consumption of x increases. the marginal utility of y is decreasing as consumption of x increases.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 2QFR

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