Suppose Emma consumes only two goods, X1 and X2, and her utility function is given by U=5X1X2. Suppose at present she is consuming 12 units of X1 and 8 units of X2 and that both goods have a fixed price of 5. In order to increase her utility, Emma should: O stop consuming X2 switch consumption from X2 to X1 do nothing, she is already maximising utility O switch consumption from X1 to X2 O not enough information to answer

Suppose Emma consumes only two goods, X1 and X2, and her utility function is given by U=5X1X2. Suppose at present she is consuming 12 units of X1 and 8 units of X2 and that both goods have a fixed price of 5. In order to increase her utility, Emma should: O stop consuming X2 switch consumption from X2 to X1 do nothing, she is already maximising utility O switch consumption from X1 to X2 O not enough information to answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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