Use the table below to answer the questions that follows Commodity x Quantity Commodity y Quantity Marginal utility Average utility 30 27 60 1 2 50 2 3. 35 22 15 4 5 6. 4. 18 5. 6. 15 12 II. Which of the commodities would he pay higher price when 4 units are consumed? Suppose the price of X is 5 and that of Y is 4. How many of the quantity of X and Y should be consumed in order for the consumer to be in iv. equilibrium. If price of X increase to 10 whiles that of Y remains the same, explain how the equilibrium conditions will behave.

Use the table below to answer the questions that follows Commodity x Quantity Commodity y Quantity Marginal utility Average utility 30 27 60 1 2 50 2 3. 35 22 15 4 5 6. 4. 18 5. 6. 15 12 II. Which of the commodities would he pay higher price when 4 units are consumed? Suppose the price of X is 5 and that of Y is 4. How many of the quantity of X and Y should be consumed in order for the consumer to be in iv. equilibrium. If price of X increase to 10 whiles that of Y remains the same, explain how the equilibrium conditions will behave.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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