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Par2: Utility Units 2 4 6 Total utility 20 35 45 50 50 45 35 1. The marginal utility for the second unit is: 2. (Table: Utility) Total utility is maximized at the unit. 3. (Table: Utility) The law of diminishing marginal utility is first observed at the unit. Table: Consumer Equilibrium 1 Units of Marginal utility Units of Marginal utility good * good X good y good y 1 20 12 16 10 AWN 12 8 8 6 4 4 O 6 2 4. (Table: Consumer Equilibrium 1) Assume that the price of both goods is $1 per unit, and you consume 3 units of good Xand 3 units of good Y. To maximize utility, assuming that the goods are divisible, you would consume: Homework 3 Page III 5. (Table: Consumer Equilibrium 1) Assume that the price of good Xis $2 per unit, the price of good Vis $1 per unit, and you have $10 of income to spend on both goods. To maximize utility, you would consume _ units of Xand units of Y. 6. (Table: Consumer Equilibrium 1) Assume that the price of both goods Xand Vis $1 per unit, and you have $4 of income to spend on both goods. To maximize utility, you would consume _ units of Xand _ units of Y. 7. (Table: Consumer Equilibrium 1) Assume that the price of both goods Xand Vis $1 per unit, and you have $7 of income to spend on both goods. To maximize utility, you would consume units of Xand units of Y