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Provide the slope of the budget line

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Reference no: EM132559488

Given the following marginal utility schedule for good X and good Y for an individual A, given that the price of X and the price of Y are both $10, and that the individual spends all his income of $70 on X and Y,

Q x 1 2 3 4 5 6 7
MUX 15 11 9 6 4 3 1
Q y 6 5 4 3 2 1 0
MUY 12 9 8 6 5 2 1

1. Provide the slope of the budget line

2. Estimate the MRS at the optimum

3. Indicate how much of X and Y the individual should purchase to maximize utility.

Reference no: EM132559488

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