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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 1 18
2 16 2 16
3 12 3 14
4 8 4 10
5 4 5 8
6 2 6 4
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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