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

Imf-world bank harmony, IMF-World Bank Harmony: Bretton Woods institut...

IMF-World Bank Harmony: Bretton Woods institutions work in tandem. World Bank BOP support is not available with a Fund Programme, while a Fund Programme cannot be finalised w

Macroeconomics, in the keynesian model, the price is assumed to be what?

in the keynesian model, the price is assumed to be what?

Stoichiometry , Mg(OH)2 + 2HCl-----> MgCl2 +2H2O how many grams of magnesiu...

Mg(OH)2 + 2HCl-----> MgCl2 +2H2O how many grams of magnesium chloride can be produced from 14.60mL of a 0.546M hydrogen chloride solution?

Why does a monopoly have no supply curve, Why does a monopoly have no suppl...

Why does a monopoly have no supply curve? A supply curve is a curve that shows the quantity supplied at dissimilar prices, as a monopoly sets the price and the quantity togeth

The Invisible Hand and Externalities, In markets, the invisible hand alloca...

In markets, the invisible hand allocates resources efficiently a. in all cases b. when there are positive externalities, but not when there are negative externalities c. when there

Consumer and producer surplus, analyse the rise and fall in the price under...

analyse the rise and fall in the price under market equillibrium situation?

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#

Effect of effluent fees on the firm input choices, The Effect of Effluent F...

The Effect of Effluent Fees on the Firms' Input Choices * Firms which have a by-product to production produce an effluent. * An effluent fee is a per unit fee which firms

Point elasicity, Q=10-2P,PRICE DECREASE FROM RS 3 TO 2

Q=10-2P,PRICE DECREASE FROM RS 3 TO 2

What caused the productivity slowdown, What caused the productivity slowdow...

What caused the productivity slowdown? Observers have pointed to 4 factors--Oil prices, baby boom, increased problems of economic measurement and environmental protection expe

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages