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hat would be the answer

hat would be the answer

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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. The income of the consumer is $16. Product X Product Y Quantity MUX Quantity MUY 1 32 24 2 28 2 20 24 16 4 20 4 12 5 16 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 5X and 2Y 4X and 4Y 3X and 4Y 4X 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 $2.50, and the price of product Y is $2. The income of the consumer is $16. Product X Product Y Quantity MUX Quantity MUY 1 32 24 2 28 2 20 24 16 4 20 4 12 5 16 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 5X and 2Y 4X and 4Y 3X and 4Y 4X and 3Y
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