2. The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity MUx/Px TUy 0. MUy MUy/Py 50 75 88 117 3 121 153 150 181 175 206 6. 196 225 214 243 8. 229 260 9. 241 276 a. Fill in the other columns of the table by calculating the marginal utilities for goods X and Y and the ratios of marginal utilities to price for the two goods. Assume that the price of both goods X and Y is $3. b. If James allocates $30 to spend on both goods, how many units will he buy of each? c. How much will James spend on each good at the utility maximizing combination? d. How much total utility will James experience by buying the utility-maximizing combination? e. Suppose the price of good Y increases to $6. How many units of X and Y will he buy to maximize his utility now? 012 M4

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.