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

Supply of labour, what is the influence of an increase of migrants on the m...

what is the influence of an increase of migrants on the market supply labour

What do you meant by multinational corporation, Q. What do you meant by Mul...

Q. What do you meant by Multinational Corporation? Multinational Corporation: A multinational corporation (MNC) is a company that directly undertakes productive facilities or o

Use of income elasticity of demand, Use of Income elasticity of demand: ...

Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de

A mixed economic system solves basic economic problems, Why do some people ...

Why do some people believe that a mixed economic system solves basic economic problems?  Ans) It is due to  the private sector and public sector both have a say in answering the

World bank, WORLD BANK: The World Bank group is a partner in opening m...

WORLD BANK: The World Bank group is a partner in opening markets and strengthening economies. Its goal is to improve the quality of life and expand prosperity for people every

Marxisism, Hi, Can you help with writing journals homework? It should be in...

Hi, Can you help with writing journals homework? It should be in english as a second language. Ten pages different topics about Karl Marx economics views. I will give you the t

Keynesian cross, explain how the keynesian cross shows that the economy is ...

explain how the keynesian cross shows that the economy is susceptible to self-fulfilling prophesies, either positive or negative

Consumer surplus, Consumer Surplus  -Difference between maximum amounts...

Consumer Surplus  -Difference between maximum amounts a consumer is wishing to pay for a good and amount actually paid. The stepladder demand curve is converted into a

What is the policy of the east asian miracle, The East Asian Miracle Ho...

The East Asian Miracle However the set of extraordinarily successful economies isn't limited to the set of original OECD economies. Economies of the East Asian miracle have ove

Explain the term returns to scale, An increase in the scale means that all ...

An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa

Write Your Message!

Captcha
Free Assignment Quote

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd