Question: I The table shows the total utility data for products X and Y. Assume that the prices of X and Y are $3 and $4,

I

The table shows the total utility data for products X and Y. Assume that the prices of X and Y are $3 and $4, respectively, and that consumer income is $18.

Units of X Total Utility Units of Y Total Utility

1 9 1 16

2 15 2 28

3 19 3 36

4 21 4 40

5 22 5 42

How many units of the two products will the consumer buy to get maximum utility?

Multiple Choice

  • 1 of X and 4 of Y
  • 2 of X and 2 of Y
  • 2 of X and 3 of Y
  • 3 of X and 4 of Y

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!