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Assume that an individual consumes two goods, X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other good.
The price of X and Y are respectively $40 and $60. Use the following table of total utilities to answer the following questions.
units of goods total utility ofX total utility of Y1 20 452 38 783 54 1084 68 1355 80 1596 90 180
a. If the consumer has $420 to spend, ______ unit of X and _______ units of Y maximize utility subject to the budget constraint. Explain.
b. If the consumer has $220 to spend, _______ units of X and _______ units of Y maximize utility subject to the budget constraint. Explain.
c. If the consumer wanted 4 units of X and 6 units of Y what would have to be his/her budget constraint in order to maximize his/her utility?
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