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28 Sep 2019
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 $4 and the price of product Y is $2. The
income of the consumer is $20.
Product X
Product Y
Quantity
MUx
Quantity
MUy
--
--
1
32
1
24
2
28
2
20
3
24
3
16
4
20
4
12
5
16
5
8
Refer to the above table. If the consumer buys product X or product Y one unit at a time, which of the following
will the consumer's first two purchases be?
a.) A first unit of X followed by a first unit of Y
b.) A first unit of X followed by a second unit of X
c.) A first unit of Y followed by a first unit of X
d.) A first unit of Y followed by a second unit of Y
I think the right answer is B.) ???
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 $4 and the price of product Y is $2. The
income of the consumer is $20.
Product X |
Product Y |
||
Quantity |
MUx |
Quantity |
MUy |
-- |
-- |
||
1 |
32 |
1 |
24 |
2 |
28 |
2 |
20 |
3 |
24 |
3 |
16 |
4 |
20 |
4 |
12 |
5 |
16 |
5 |
8 |
Refer to the above table. If the consumer buys product X or product Y one unit at a time, which of the following
will the consumer's first two purchases be?
a.) A first unit of X followed by a first unit of Y
b.) A first unit of X followed by a second unit of X
c.) A first unit of Y followed by a first unit of X
d.) A first unit of Y followed by a second unit of Y
I think the right answer is B.) ???
Kritika KrishnakumarLv10
28 Sep 2019