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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 X Marginal Utility x Quantity Marginal Utility y 32 28 24 20 16 12345 PRODUCT Y Quantity 22526 1 2 3 4 5 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? 24 20 16 12 8

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 X Marginal Utility x Quantity Marginal Utility y 32 28 24 20 16 12345 PRODUCT Y Quantity 22526 1 2 3 4 5 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? 24 20 16 12 8

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Just answer question 6, based on information from table from attached image.

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?​

 

 

2:11 Assignment+Week+3+MBA603 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 X Quantity Marginal Utility y 32 28 24 20 16 Marginal Utility x PRODUCT Y Quantity 93 Done 24 20 16 12 8 1 1 2 2 3 3 4 4 5 5 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?
Transcribed Image Text:2:11 Assignment+Week+3+MBA603 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 X Quantity Marginal Utility y 32 28 24 20 16 Marginal Utility x PRODUCT Y Quantity 93 Done 24 20 16 12 8 1 1 2 2 3 3 4 4 5 5 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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