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

Economic value to customer, Economic Value to Customer Economic V...

Economic Value to Customer Economic Value to Customer = EVC x = [LifeCycle costs of a competitor's product in relation to a home firm] - [Start-up Costs for the home fir

Supply theory, what is the theory of supply

what is the theory of supply

Market Analysis, Is coca-cola an oligopoly or monopolistic competition

Is coca-cola an oligopoly or monopolistic competition

Joint equilibrium quantity, The sole producer of the anti-diarrhea drug STO...

The sole producer of the anti-diarrhea drug STOP supplies two retail pharmacies in an isolated village. The two pharmacies compete à la Cournot in a market characterized by an inve

Foreign investment, Foreign investment: To attract foreign investment ...

Foreign investment: To attract foreign investment – Developing Plans are used as a means of attracting foreign investment or foreign aid.Foreign government and international o

Monopsony, disadvantages of monopsony

disadvantages of monopsony

Land resources , Normal 0 false false false EN-IN X-N...

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

Comparison with our targets - structure of national income, Comparison wit...

Comparison with Our Targets : A proper objective assessment of our performance can be carried out only when we juxtapose our current achievements with: (i) planned or targeted

Intermediate micro economics, Outline four limitation of game theory?

Outline four limitation of game theory?

What is the difference between scarcity and shortage, What is the differenc...

What is the difference between 'scarcity' and 'shortage'? 'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce go

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