Price for X is $1 and Y is $2. Budget is $9. Good X Good Y Quantity Marginal Utility Quantity Marginal Utility 1 8 1 10 2 7 2 8 3 6 3 6 4 5 4 4 5 4 5 3 6 3 6 2 7 2 7 1 Suppose that the consumer’s income increased from $9 to $12. What would be the utility-maximizing combination of goods X and Y?

Price for X is $1 and Y is $2. Budget is $9. Good X Good Y Quantity Marginal Utility Quantity Marginal Utility 1 8 1 10 2 7 2 8 3 6 3 6 4 5 4 4 5 4 5 3 6 3 6 2 7 2 7 1 Suppose that the consumer’s income increased from $9 to $12. What would be the utility-maximizing combination of goods X and Y?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 9RQ: If people do not have a complete mental picture of total utility for every level of consumption, how...

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Question

. Price for X is $1 and Y is $2. Budget is $9.

Good X Good Y

Quantity	Marginal Utility	Quantity	Marginal Utility
1	8	1	10
2	7	2	8
3	6	3	6
4	5	4	4
5	4	5	3
6	3	6	2
7	2	7	1

Suppose that the consumer’s income increased from $9 to $12. What would be the utility-maximizing combination of goods X and Y?

Definition Definition Satisfaction derived from the consumption of an additional unit of any commodity.

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