given below sir Mr. Hasan purchases two goods, X and Y, and the utility gained for the lastunit purchased of each is 16 utils and 23 utils, respectively. The per unit pricesof X and Y are $1 and $1.75, respectively. Is Mr. Hasan in consumerequilibrium? Explain your answer.TU of Good X(utils)Units of GoodUnits of GoodTU of Good YXY(utils)1201193532348340458445566549Use the above table to answer the following questions.i) If Mr. Hasan spends $5 (total) a week on good X and good Y, and if theprice of each good is $1 per unit, then how many units of each good does hepurchase to maximize utility?ii) Given the number of units of each good Mr. Hasan purchases in question(i), what is his total utility?

Total and marginal utility notions first appeared in the late 1800s, attributed to economists and…

Mr. Hasan purchases two goods, X and Y, and the utility gained for the last unit purchased of each is 16 utils and 23 utils, respectively. The per unit prices of X and Y are $1 and $1.75, respectively. Is Mr. Hasan in consumer equilibrium? Explain your answer. Units of Good TU of Good X Units of Good TU of Good Y X 1 (utils) Y (utils) 20 1 19 2 3 35 2 32 48 3 40 4 58 4 45 5 66 5 49 Use the above table to answer the following questions. i) If Mr. Hasan spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility? ii) Given the number of units of each good Mr. Hasan purchases in question (i), what is his total utility?

Mr. Hasan purchases two goods, X and Y, and the utility gained for the last unit purchased of each is 16 utils and 23 utils, respectively. The per unit prices of X and Y are $1 and $1.75, respectively. Is Mr. Hasan in consumer equilibrium? Explain your answer. Units of Good TU of Good X Units of Good TU of Good Y X 1 (utils) Y (utils) 20 1 19 2 3 35 2 32 48 3 40 4 58 4 45 5 66 5 49 Use the above table to answer the following questions. i) If Mr. Hasan spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility? ii) Given the number of units of each good Mr. Hasan purchases in question (i), what is his total utility?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

given below sir

Mr. Hasan purchases two goods, X and Y, and the utility gained for the last
unit purchased of each is 16 utils and 23 utils, respectively. The per unit prices
of X and Y are $1 and $1.75, respectively. Is Mr. Hasan in consumer
equilibrium? Explain your answer.
TU of Good X
(utils)
Units of Good
Units of Good
TU of Good Y
X
Y
(utils)
1
20
1
19
35
32
3
48
3
40
4
58
4
45
5
66
5
49
Use the above table to answer the following questions.
i) If Mr. Hasan spends $5 (total) a week on good X and good Y, and if the
price of each good is $1 per unit, then how many units of each good does he
purchase to maximize utility?
ii) Given the number of units of each good Mr. Hasan purchases in question
(i), what is his total utility?

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Step 1: Describe the inception of the concepts of total and marginal utility

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Step 2: Examine if the buyer is in equilibrium

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Step 3: Determine the ideal consumption combination

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Step 4: Figure out the total utility

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workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?