TU of Good Y (utils) Units of TU of Good Units of Good X X (utils) Good Y 1 20 19 35 32 3 48 3 40 4 58 4 45 66 49 Consider the above table. If George (a consumer) spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility? Explain your answer.

TU of Good Y (utils) Units of TU of Good Units of Good X X (utils) Good Y 1 20 19 35 32 3 48 3 40 4 58 4 45 66 49 Consider the above table. If George (a consumer) spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility? Explain your 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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CS 11 Economics