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Calculating the optimal bundles of consumption
Assume that an individual consumes two goods, X and Y. The total utility of each good is independent of the rate of consumption of the other good.
The price of X and Y are $40 and $60 respectively. Use the following table of total utilities to answer the following questions.
Good Total Utility of X Total Utility of Y1 20 452 38 783 54 1084 68 1355 80 1596 90 180
a. The marginal utility of the fourth unit of Y is _.b. The marginal utility of the fifth unit of X is _.c. The marginal utility per dollar spent on the third unit of X is _.d. The marginal utility per dollar spent on the second unit of Y is _.e. If the consumer has $420 to spend, _ unit of X and _ units of Y maximize utility subject to the budget constraint. Explain.f. If the consumer has $220 to spend, _ units of X and _ units of Y maximize utility subject to the budget constraint. Explain.Solution Summary
Solution depicts the steps to calculate the optimal bundles of consumption subject to given levels of budget.
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