Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4, and the price of product Y is $4. The income of the consumer is $24. Product X Product Y Quantity MUX Quantity MUY 1 32 1 24 28 2 20 31 24 16 20 4 12 16 5 When the consumer purchases the utility-maximizing combination of product X and product Y, total utility will be Multiple Choice 40 120 176. 148.
Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4, and the price of product Y is $4. The income of the consumer is $24. Product X Product Y Quantity MUX Quantity MUY 1 32 1 24 28 2 20 31 24 16 20 4 12 16 5 When the consumer purchases the utility-maximizing combination of product X and product Y, total utility will be Multiple Choice 40 120 176. 148.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4, and the price of product Y is $4. The
income of the consumer is $24.
Product X
Product Y
Quantity
MUX
Quantity
MUY
1
32
1
24
2
28
2
20
3
24
3
16
4
20
4
12
16
5
8
When the consumer purchases the utility-maximizing combination of product X and product Y, total utility will be
Multiple Choice
40
120.
176.
148.
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