TU of Good Y (utils) Units of TU of Good Units of Good X X (utils) Good Y 1 20 19 35 32 3 48 3 40 4 58 4 45 66 49 Consider the above table. If George (a consumer) spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility? Explain your answer.

TU of Good Y (utils) Units of TU of Good Units of Good X X (utils) Good Y 1 20 19 35 32 3 48 3 40 4 58 4 45 66 49 Consider the above table. If George (a consumer) spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility? Explain your answer.

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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