Answer 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. The income of the consumer is $30. Product X Product Y Quantity MUx 1 Quantity MUY 24 32 1 2 28 2 20 3 24 3 16 4 20 12 16 8. Refer to the above table. If the consumer buys both product X and product Y, how much will the consumer buy of each to maximize utility? units. X: units; Y: Blank # 1 Blank # 2 83%

Answer 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. The income of the consumer is $30. Product X Product Y Quantity MUx 1 Quantity MUY 24 32 1 2 28 2 20 3 24 3 16 4 20 12 16 8. Refer to the above table. If the consumer buys both product X and product Y, how much will the consumer buy of each to maximize utility? units. X: units; Y: Blank # 1 Blank # 2 83%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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