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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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.
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the marginal utility of y is increasing as consumption of x increases.
the marginal utility of y is decreasing as consumption of x increases.
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