Economics (MindTap Course List)
Economics (MindTap Course List)
Use the following table to answer Questions 4 and 5:
4. If George 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?
Identify the maximization of utility.
Marginal utility (MU) can be calculated using the following formula:
Since the value of the total utility of the 2 units of X is 35 and the total utility of 1unit is 20, the marginal utility of the 2 units can be calculated using Equation -1 as follows:
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