Use the following chart for questions 9-10. Units of Good X Marginal Utility of Good X Units of Good Y 1 R 20 16 1 2 Marginal Utility of Good Y 14 12 3 12 3 10 14 8 4 8 5 6 Assume the price for good X and Y both cost $1. If your budget is $3, how much of each good should you buy to maximize your utility 3 units of good X and 0 units of good Y O2 units of good X and 1 unit of good Y 1 unit of good X and 2 units of good Y 0 units of good X and 3 units of good Y

Use the following chart for questions 9-10. Units of Good X Marginal Utility of Good X Units of Good Y 1 R 20 16 1 2 Marginal Utility of Good Y 14 12 3 12 3 10 14 8 4 8 5 6 Assume the price for good X and Y both cost $1. If your budget is $3, how much of each good should you buy to maximize your utility 3 units of good X and 0 units of good Y O2 units of good X and 1 unit of good Y 1 unit of good X and 2 units of good Y 0 units of good X and 3 units of good Y

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter21: Demand: Consumer Choic

Section: Chapter Questions

Problem 1E

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