Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4, and the price of product Y is $2. Th income of the consumer is S20. Product X Product Y Quantity MUX Quantity MUy 1 32 1. 24 2 28 20 3 16 4. 20 4 12 16 If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility? Multiple Choice 4X and 2Y 3X and 4Y 4X and 3Y 5X and 3Y

Principles of Economics, 7th Edition (MindTap Course List)
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Chapter21: The Theory Of Consumer Choice
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Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4, and the price of product Y is $2. The
income of the consumer is $20.
Product X
Product Y
Quantity
MUX
Quantity
MUY
1
32
1
24
2
28
2
20
3
24
3
16
4
20
4.
12
5
16
5
8
If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility?
Multiple Choice
4X and 2Y
3X and 4Y
4X and 3Y
5X and 3Y
Transcribed Image Text:Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4, and the price of product Y is $2. The income of the consumer is $20. Product X Product Y Quantity MUX Quantity MUY 1 32 1 24 2 28 2 20 3 24 3 16 4 20 4. 12 5 16 5 8 If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility? Multiple Choice 4X and 2Y 3X and 4Y 4X and 3Y 5X and 3Y
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