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Consider the following utility function: U = 4X + Y. A consumer faces prices of P, = $2 and Py =1. Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 10 units of good X and 19 units of good Y. Then the marginal rate of substitution (MRS) is equal to: MRS = - 4.00 (Enter your response rounded to two decimal places. Do not forget to include the negative sign.) to maximize utility. The consumer should consume only good X only good Y the same amount of X and Y

Consider the following utility function: U = 4X + Y. A consumer faces prices of P, = $2 and Py =1. Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 10 units of good X and 19 units of good Y. Then the marginal rate of substitution (MRS) is equal to: MRS = - 4.00 (Enter your response rounded to two decimal places. Do not forget to include the negative sign.) to maximize utility. The consumer should consume only good X only good Y the same amount of X and Y

Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 8QFR
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Consider the following utility function: U= 4X +Y. A consumer faces prices of P, = $2 and P, =1. Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 10 units of good X and 19 units of good Y. Then the marginal rate of substitution (MRS) is equal to: MRS = - 4.00 (Enter your response rounded to two decimal places. Do not forget to include the negative sign.) The consumer should consume to maximize utility. only good X only good Y the same amount of X and Y tv 15 МacВook Air 80 DII esc F1 F2 F3 F4 F5 F7 F8 ! @ #3 $ % & 1 2 4 7 8 9 Q W Y tab A S F G H. K caps lock C V N M ft control option command つ つ く0 R
Transcribed Image Text:Consider the following utility function: U= 4X +Y. A consumer faces prices of P, = $2 and P, =1. Assuming that graphically good X is on the horizontal axis and good Y is on the vertical axis, suppose the consumer chooses to consume 10 units of good X and 19 units of good Y. Then the marginal rate of substitution (MRS) is equal to: MRS = - 4.00 (Enter your response rounded to two decimal places. Do not forget to include the negative sign.) The consumer should consume to maximize utility. only good X only good Y the same amount of X and Y tv 15 МacВook Air 80 DII esc F1 F2 F3 F4 F5 F7 F8 ! @ #3 $ % & 1 2 4 7 8 9 Q W Y tab A S F G H. K caps lock C V N M ft control option command つ つ く0 R
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