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 $2. Th income of the consumer is S20. Product X Product Y Quantity MUX Quantity MUy 1 32 1. 24 2 28 20 3 16 4. 20 4 12 16 If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility? Multiple Choice 4X and 2Y 3X and 4Y 4X and 3Y 5X and 3Y
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 $2. Th income of the consumer is S20. Product X Product Y Quantity MUX Quantity MUy 1 32 1. 24 2 28 20 3 16 4. 20 4 12 16 If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility? Multiple Choice 4X and 2Y 3X and 4Y 4X and 3Y 5X and 3Y
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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