Question: Use table 6.1 to answer questions Use table 6.1 to answer questions 5, 6, and 7. Table 6. 1 Units of Y 1. Calculate the

Use table 6.1 to answer questions Use table 6.1 to answer

Use table 6.1 to answer questions

Use table 6.1 to answer questions 5, 6, and 7. Table 6. 1 Units of Y 1. Calculate the utility maximizing combination of X and Y given an income of $14, 5:5 :54 and Ex = $2. 2. What is the total utility of this combination? 3. Assume the price of good X falls to $2 and all other things remain the same. What quantities of X and Y will you now purchase

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