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You are choosing between two goods, X and Y, and your marginal utility from each is as shown below.
Units of x
MUx
Units of Y
MUy
1
23
18
2
16
3
12
14
4
8
10
5
6
a. If your income is $9.00 and the prices of X and Y are $2.00 and $1.00, respectively, what quantities of each will you purchase to maximize utility?
b. What total utility will you realize?
c. Assume that, other things remaining unchanged, the price of X falls to $1.00. What quantities of X and Y will you now purchase?
d. Using the two prices and quantities for X, derive a demand schedule (a table showing prices and quantities demanded) for X.
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