KAMVA489Time Remaining: 02:54:13Hide Time Remaining ASuppose the weightedmarginal utility for twogoods, x and y, at a positionof consumer equilibrium is70. If the price of good x isR10 and the relevantmarginal utility for y is 140,what is the price of good yand the relevant marginalutility for good x?A. The price of y = R70; themarginal utility for x = 70%3DB. The price of y = R2; the marginalutility for x =700C. The price of y = R10; themarginal utility for x = 700D. The price of y = R2; the marginalutility for x = 140E. The price of y = R140; themarginal utility for x = 70Reset Selection|54II

Here, weighted marginal utility is given as 70 at equilibrium, it implies that MUm is equal to 70.

Answered: Suppose the weighted marginal 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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Suppose the weighted marginal utility for two goods, x and y, at a position of consumer equilibrium is 70. If the price of good x is R10 and the relevant marginal utility for y is 140, what is the price of good y and the relevant marginal utility for good x?