Consumer behaviour - marginal utility, economics, Microeconomics

Assignment Help:

Given the following table
MUx MUx/Px Qty MUy MUy/Py
80 40 1 68 17
52 26 2 32 8
20 10 3 28 7
16 8 4 24 6
8 4 5 20 5
a)Determine the price of product x and y.
b)What is the total utility attained by the individual from consuming products x and y in equilibrium?
c)How much should the individual have at the equilibrium point?
d) If the price of product y decreases by 1 pound, derive the new consumption equilibrium point.

Related Discussions:- Consumer behaviour - marginal utility, economics

Why is high unemployment considered a bad thing, Why is high unemployment c...

Why is high unemployment considered a bad thing? High unemployment means that a nation's resources are underutilized. It also poses great psychological, economic, and social c

Aaa, Ask quesIn your own words describe how a market would adjust in situat...

Ask quesIn your own words describe how a market would adjust in situations of: a) Excess Demand b) Excess Supply c) Equilibrium As a follow up you might think about what effects

Materials requirements calculations - mrp system, Materials Requirements Ca...

Materials Requirements Calculations - MRP System MRP is a computer-based 'engine' which carries out calculations in order to determine: What is needed, and When i

Price crimination, (ii) Find a real-world example of second-degree price di...

(ii) Find a real-world example of second-degree price discrimination. Describe the important aspects of your example in detail and analyze it using economic theory. In particular,

Production function curve, different types of production funtion and curve ...

different types of production funtion and curve given by different economist

Determine the economic order quantity, Question: Describe the meaning o...

Question: Describe the meaning of ABC inventory control and on what key premise is this system based? The finance department of Electric Corporation gathered the following i

PPF, draw a PPF when a hurricane slows down the nest two months of butter p...

draw a PPF when a hurricane slows down the nest two months of butter production?

GE Matrix Analysis, What is GE Matrix?

What is GE Matrix?

Calculating maximum sales loss and net profit , The Healthy Spring Water co...

The Healthy Spring Water company sells bottled water for offices / homes. The price of the water is $20 per 10 gallon bottle and the company currently sells 2,000 bottles per day.

Production, given P=120-Q TC=Q(to the power 2)+ 16 1-derive the total...

given P=120-Q TC=Q(to the power 2)+ 16 1-derive the total revenue function 2-calculate profit mazimization output for a-perfect competitive firm b-monopoly 3-explain whi

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages