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Calculating utility, with graph
You are choosing between two goods, X and Y, and your total utility from each is shown below.
Units TUx TUy1 10 82 18 153 24 214 28 265 31 306 33 33
a. If your income is $9 and the prices of X and Y are $2 and $1, respectively, what quantities of each will you purchase in maximizing utility.
b. Specify the amount of total utility you will realize.
c. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase?
d. Using the two prices and quantities for X, graphically derive a demand curve for X.
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