Units of the Good Total Utility Total Utility of X of Y 0 0 0 1 560 580 2 970 1040 3 1260 1380 4567 α 1490 1660 1660 1880 1790 2060 1880 2180 8 1940 2260 For the next 3 questions, assume that an individual consumes two goods X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $10 and $20. If the consumer buys the third unit of X the Marginal Utility per Dollar Spent on X is If the consumer has $110 to spend on X and Y, the utility-maximizing bundle is unit(s) of Y. unit(s) of X and The minimum budget necessary to move to a higher equilibrium consumption of X and Y is $

Units of the Good Total Utility Total Utility of X of Y 0 0 0 1 560 580 2 970 1040 3 1260 1380 4567 α 1490 1660 1660 1880 1790 2060 1880 2180 8 1940 2260 For the next 3 questions, assume that an individual consumes two goods X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $10 and $20. If the consumer buys the third unit of X the Marginal Utility per Dollar Spent on X is If the consumer has $110 to spend on X and Y, the utility-maximizing bundle is unit(s) of Y. unit(s) of X and The minimum budget necessary to move to a higher equilibrium consumption of X and Y is $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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