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What total utility will you realize

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You are choosing between two goods, X and Y, and your marginal utility from each is as shown below.

Units of x

MUx

Units of Y

MUy

1

23

1

18

2

16

2

16

3

12

3

14

4

8

4

10

5

4

5

8

6

2

6

4

a. If your income is $9.00 and the prices of X and Y are $2.00 and $1.00, respectively, what quantities of each will you purchase to maximize utility?

b. What total utility will you realize?

c. Assume that, other things remaining unchanged, the price of X falls to $1.00. What quantities of X and Y will you now purchase?  

d.  Using the two prices and quantities for X, derive a demand schedule (a table showing prices and quantities demanded) for X.

Reference no: EM13853137

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