and Y. Assume that the prices of X and Y are $4 and $2, respectively, and that the 36) Answer the question on the basis of the following marginal utility data for products X. consumer's income is $18 Marginal Utility, Y 16 Units of Y 1 2 43 3 (6L0 41($の) 5(60 Units of X Marginal Utility, X 1 20. 12 B4 147 16 12 12 4 10 6. 8) 4 ((6 a. What is the utility-maximizing combination of the two products?

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 2SCQ: Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to...
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and Y. Assume that the prices of X and Y are $4 and $2, respectively, and that the
36) Answer the question on the basis of the following marginal utility data for products X.
consumer's income is $18
Marginal Utility, Y
16
Units of X
Marginal Utility, X
Units of Y
1
20.
1
2 43
3 (610
12 34
147
16
12
12
4
SID S
F 6.
8
10
6.
5 60
8)
4
(6
a. What is the utility-maximizing combination of the two products?
- 2.5
b. If the price of X decreases to $2, then the utility-maximizing combination of the
two products is
Transcribed Image Text:and Y. Assume that the prices of X and Y are $4 and $2, respectively, and that the 36) Answer the question on the basis of the following marginal utility data for products X. consumer's income is $18 Marginal Utility, Y 16 Units of X Marginal Utility, X Units of Y 1 20. 1 2 43 3 (610 12 34 147 16 12 12 4 SID S F 6. 8 10 6. 5 60 8) 4 (6 a. What is the utility-maximizing combination of the two products? - 2.5 b. If the price of X decreases to $2, then the utility-maximizing combination of the two products is
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