what would be the answer 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 $2.50, and the price of product Y is $2. Theincome of the consumer is $16.Product XProduct YQuantityMUXQuantityMUY1322422822024164204125168If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility?Multiple Choice5X and 2Y4X and 4Y3X and 4Y4X and 3Y

Utility maximising condition: Slope of Indifference Curve = Slope of Price Ratio Marginal Rate of…

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hat would be the answer

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 13PA

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