Question: The table shows the total utility data for products X and Y. Assume that the prices of X and Y are $1.5 and $2, respectively,
The table shows the total utility data for products X and Y. Assume that the prices of X and Y are $1.5 and $2, respectively, and that consumer income is $9.
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
- 3 of X and 2 of Y
- 1 of X and 4 of Y
- 2 of X and 3 of Y
- 6 of X and 0 of Y
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
