1. If the consumer can only buy product x, how much will the consumer buy and what will be the total utility? 2.If the consumer buys both product x and product y, how much will the consumer buy of each to maximize utility? 3.When the consumer purchases the utility-maximizing combination of product x and product y, what is the total utility?

1. If the consumer can only buy product x, how much will the consumer buy and what will be the total utility? 2.If the consumer buys both product x and product y, how much will the consumer buy of each to maximize utility? 3.When the consumer purchases the utility-maximizing combination of product x and product y, what is the total utility?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.12P

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