You are choosing between two goods, X and Y, and your MU from each is shown in the table below. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities of X, derive a demand curve for X. 7. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. How much will be the total utility for product X only to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement. 8. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. What maximum total utility for products X and Y that will you realize? Use a number, no decimal value, no commas, no space, no unit of measuremen
PROBLEM
You are choosing between two goods, X and Y, and your MU from each is shown in the table below. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities of X, derive a demand curve for X.
7. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. How much will be the total utility for product X only to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement.
8. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. What maximum total utility for products X and Y that will you realize? Use a number, no decimal value, no commas, no space, no unit of measurement.
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