Kindly answer all parts.Need only a handwritten solution only (not a typed one). Suppose you are given the following utility schedules and budget for a consumer andthe price of good X and Y:Quantity of XTotalUtility of X100Marginal QuantitUtility X y of Y11002175 753225504250 25Consumer's Budget is $5.00Price of good X is $1.00Price of good Y is $1.0012734How many units of X will the consumer choose to maximize his/her total utility?Total MarginalUtilitUtilityy of Yof Y2002002505027424280 6A/How many unit of Y will the consumer choose to maximize his/her total utility?AWhat is the slope of this consumers budget line?AIf this consumer could choose one item (X or Y) which one would they spend theirbudget on?A/

Marginal utility refers to the change in total utility when one additional unit of good is consumed.

Suppose you are given the following utility schedules and budget for a consumer and the price of good X and Y: Quantit y of X 123 Total Marginal Quantit Utilit Utility X y of Y y of X 100 100 175 75 50 3 225 250 25 Total Marginal Utilit Utility y of Y of Y 200 200 250 50 274 24 280 6 1 2 3 4

Suppose you are given the following utility schedules and budget for a consumer and the price of good X and Y: Quantit y of X 123 Total Marginal Quantit Utilit Utility X y of Y y of X 100 100 175 75 50 3 225 250 25 Total Marginal Utilit Utility y of Y of Y 200 200 250 50 274 24 280 6 1 2 3 4

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

Kindly answer all parts.

Need only a handwritten solution only (not a typed one).

Suppose you are given the following utility schedules and budget for a consumer and
the price of good X and Y:
Quantit
y of X
Total
Utilit
y of X
100
Marginal Quantit
Utility X y of Y
1
100
2
175 75
3
225
50
4
250 25
Consumer's Budget is $5.00
Price of good X is $1.00
Price of good Y is $1.00
1
2
734
How many units of X will the consumer choose to maximize his/her total utility?
Total Marginal
Utilit
Utility
y of Y
of Y
200
200
250
50
274
24
280 6
A/
How many unit of Y will the consumer choose to maximize his/her total utility?
A
What is the slope of this consumers budget line?
A
If this consumer could choose one item (X or Y) which one would they spend their
budget on?
A/

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