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

Calculate the responsiveness of consumers, The price elasticity of demand i...

The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity. In other words, as price enhances (reduces), the qu

Demand theory, what are some of recent development in theory of demand

what are some of recent development in theory of demand

Final Exam, I wont final Exam

I wont final Exam

Forms of globalization, Globalization: A generalized historical process by ...

Globalization: A generalized historical process by which more economic activity occurs across national borders. Forms of globalization include international trade (imports and expo

MBA, The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-...

The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-2.5Py+7.5Pz Where Px is the price of brand X, I is per-capita income, Py IS the price of brand Y, and Pz is th

Demand function, what is the homogeinity of demand function wrt prices and ...

what is the homogeinity of demand function wrt prices and income

Milk, The price of milk is usually much less expensive in a grocery store v...

The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.

Theory of cost ., opportunity cost

opportunity cost

Types of elasticity of demand, types of elasticity of demand

types of elasticity of demand

Illeteracy on economic growth of developing country, Explanation

Explanation

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