Each unit of good X costs $1, and each unit of good Y costs $2. The following table contains information on Felix" Units of Good X 2 3 4 5 Total Utility of Good X (Utils) 14 26 37 46 51 Units of Good Y 1 To maximize his utility, Felix should purchase 2 3 4 5 Suppose Felix spends a total of $8 on good X and good Y each week. Total Utility of Good Y (Utils) 30 56 80 of good X and Siven his budget, the maximum total utility Felix can obtain from the two goods is 100 116 of good Y. utils.

Each unit of good X costs $1, and each unit of good Y costs $2. The following table contains information on Felix" Units of Good X 2 3 4 5 Total Utility of Good X (Utils) 14 26 37 46 51 Units of Good Y 1 To maximize his utility, Felix should purchase 2 3 4 5 Suppose Felix spends a total of $8 on good X and good Y each week. Total Utility of Good Y (Utils) 30 56 80 of good X and Siven his budget, the maximum total utility Felix can obtain from the two goods is 100 116 of good Y. utils.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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