A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their consumption will yield is shown in the table below. Assume that the prices of X, Y, and Z are $10, $2, and $8, respectively, and that the consumer has an income of $74 to spend. Product X Product Y Product Z Quantity UtilityMarginalUtilityper $ Quantity UtilityMarginalUtilityper $ Quantity UtilityMarginalUtilityper $142_____ 114_____ 132_____282_____ 226_____ 260_____3118_____ 336_____ 384_____4148_____ 444_____ 4100_____5170_____ 550_____ 5110_____6182_____ 654_____ 6116_____7182_____ 756.4_____ 7120_____ (a)Complete the table by computing the marginal utility per dollar for successive units of X, Y, and Z to one or two decimal places.

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Answered: (a)Complete the table by computing the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their consumption will yield is shown in the table below. Assume that the prices of X, Y, and Z are $10, $2, and $8, respectively, and that the consumer has an income of $74 to spend.

Product X		Product Y	Product Z
Quantity	Utility	Marginal Utility per $	Quantity	Utility	Marginal Utility per $	Quantity	Utility	Marginal Utility per $
1	42	_____	1	14	_____	1	32	_____
2	82	_____	2	26	_____	2	60	_____
3	118	_____	3	36	_____	3	84	_____
4	148	_____	4	44	_____	4	100	_____
5	170	_____	5	50	_____	5	110	_____
6	182	_____	6	54	_____	6	116	_____
7	182	_____	7	56.4	_____	7	120	_____

(a)Complete the table by computing the marginal utility per dollar for successive units of X, Y, and Z to one or two decimal places.

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