Mitchell's money income is $150, the price of X is $2, and the price of Y is $2. Given these prices and income, Mitchell buys 50 units of X and 25 units of Y. Call this combination of X and Y bundle J. At bundle J. Mitchell's MRS is 2. Given these prices and income, what is Mitchell's equilibrium consumption of X? Multiple Choice O X<50 X=50 None of the statements is correct. X>50 < Prex 5 of 24 skyt >
Mitchell's money income is $150, the price of X is $2, and the price of Y is $2. Given these prices and income, Mitchell buys 50 units of X and 25 units of Y. Call this combination of X and Y bundle J. At bundle J. Mitchell's MRS is 2. Given these prices and income, what is Mitchell's equilibrium consumption of X? Multiple Choice O X<50 X=50 None of the statements is correct. X>50 < Prex 5 of 24 skyt >
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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
Transcribed Image Text:pril 9 revised
Multiple Choice
o
Mitchell's money income is $150, the price of X is $2, and the price of Y is $2. Given these prices and income, Mitchell buys 50 units of X and
25 units of Y. Call this combination of X and Y bundle J. At bundle J. Mitchell's MRS is 2. Given these prices and income, what is Mitchell's
equilibrium consumption of X?
X<50
X = 50
None of the statements is correct.
X> 50
S
Seved
< Prex
5 of 24
DELL
Axt
Help
>
Save & Exit
Submit
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