Use the following table showing the marginal utility schedules for product X and product Y for an individual consumer. The price of product X is $4, and the price of product Y is $2. The income this consumer can allocate to purchase these two items is $20. PRODUCT XPRODUCT Y QuantityMarginal Utility xQuantityMarginal Utility y 132124 228220 324316 420412 51658 4) If the consumer could only buy product X, how much will the consumer buy and what will be the total utility? 5) If the consumer buys both X and Y, how much will they consumer buy of each product to maximize their utility? 6) When the consumer purchases their utility-maximizing combination of products X and Y what will be the total utility they will realize form their expenditure of their $20 income?
Use the following table showing the
PRODUCT XPRODUCT Y
QuantityMarginal Utility xQuantityMarginal Utility y
132124
228220
324316
420412
51658
4) If the consumer could only buy product X, how much will the consumer buy and what will be the total utility?
5) If the consumer buys both X and Y, how much will they consumer buy of each product to maximize their utility?
6) When the consumer purchases their utility-maximizing combination of products X and Y what will be the total utility they will realize form their expenditure of their $20 income?
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