5. You are choosing between two goods, X and Y, and your mar- ginal utility from...

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5. You are choosing between two goods, X and Y, and your mar- ginal utility from each is as shown in the following table. If your income is $9 and the prices of X and Y are $2 and $1, respec- tively, what quantities of each will you purchase to maximize utility? What total utility will you realize? Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities for X, derive a demand schedule (a table showing prices and quantities demanded) for X. LO7.3 Units of X MU Units of Y MU 1 10 1 2 23456 4 6 4 5 32 2 3 23456 4 5 8 896543 5. You are choosing between two goods, X and Y, and your mar- ginal utility from each is as shown in the following table. If your income is $9 and the prices of X and Y are $2 and $1, respec- tively, what quantities of each will you purchase to maximize utility? What total utility will you realize? Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities for X, derive a demand schedule (a table showing prices and quantities demanded) for X. LO7.3 Units of X MU Units of Y MU 1 10 1 2 23456 4 6 4 5 32 2 3 23456 4 5 8 896543

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