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 To maximize utility, the consumer will buy how much of good X and how much of good 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 To maximize utility, the consumer will buy how much of good X and how much of good 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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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

To maximize utility, the consumer will buy how much of good X and how much of good Y?

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

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