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Consumer Behaviour/ Theory Of COnsumer Behaviour
QUESTION 1
You are choosing between two goods, X and Y, and your marginal utility from each is as shown in the table below. If your income is $9 and the prices of X and Y are $2 and $1, respectively.
Units of X (1,2,3,4,5,6)
MUx ( 10,08,06,04,03,02 )
Units of Y (1,2,3,4,5,6)
MUy (8,7,6,5,4,3 )
Using the information above, answer the following questions.
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