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

Problem, For each of the following scenarios, you use a SS & DD diagram to ...

For each of the following scenarios, you use a SS & DD diagram to demonstrate the effect of a given shock on equilibrium price and quantity in specified competitive market. Explain

National income determination, National Income Determination: National...

National Income Determination: National Income Determination deals with what determines the size of a nation’s national income. The size of a nation’s national income is deter

Development administration, Development Administration: Since the Gove...

Development Administration: Since the Government has been entrusted to manage economic and business activities, it was found difficult to manage the economic policy with the t

Problems of common property resource , Normal 0 false false ...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Equilibruim, I want to know all about equilibruim consumer equilibruim firm...

I want to know all about equilibruim consumer equilibruim firms equilibruim nd market equilibruim technically also??

The demand for big macs, Ask question #Min1) Illustrate and explain the cha...

Ask question #Min1) Illustrate and explain the changing demand for big Mac using the indifference curve and budget line.imum 100 words accepted#

Different pricing strategies of firms under oligopoly, Problem : (a) W...

Problem : (a) With reference to the characteristics of market structure, explain why the market for powdered milk in Mauritius is an appropriate example of monopolistic compet

Regressions, Assigment help

Assigment help

Least cost determination, how do i use the grid technique to determine the ...

how do i use the grid technique to determine the least cost

Uncertainty and risk, friedman and savage hypothesis

friedman and savage hypothesis

Write Your Message!

Name

Email id

Message

Verfication Code

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages