Marginal Marginal Units Utility, X Utility, Y 1 20 16 2 16 14. 3 12 12 0 4 8 10 5 6 8 6 4 6 Refer to the above table (same one as in previous question). Assume that the prices of Good X and Good Y remain at $4 and $2, respectively (same as in previous question). However, if the consumer's income decreases to $12, what quantities of Good X and Good Y should now be purchased by the consumer to maximize utility? Formula: Utility Maximizing (MUS) = (MUA+PA) = (MUB + PB) Purchase 3 units of X and 3 units of Y. Purchase 2 units of X and 1 unit of Y. O Purchase 1 unit of X and 4 units of Y. O Purchase 3 units of X and O units of Y.

Marginal Marginal Units Utility, X Utility, Y 1 20 16 2 16 14. 3 12 12 0 4 8 10 5 6 8 6 4 6 Refer to the above table (same one as in previous question). Assume that the prices of Good X and Good Y remain at $4 and $2, respectively (same as in previous question). However, if the consumer's income decreases to $12, what quantities of Good X and Good Y should now be purchased by the consumer to maximize utility? Formula: Utility Maximizing (MUS) = (MUA+PA) = (MUB + PB) Purchase 3 units of X and 3 units of Y. Purchase 2 units of X and 1 unit of Y. O Purchase 1 unit of X and 4 units of Y. O Purchase 3 units of X and O units of Y.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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