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

Types of budget, Types of budget: Surplus Budget: A surplus budget o...

Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by

Short notes, Amartya Sen''s concept of poverty and welfare.

Amartya Sen''s concept of poverty and welfare.

Educational financing, Normal 0 false false false EN-IN...

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

International trade, compare and contrast adam smith''s theory of absolute ...

compare and contrast adam smith''s theory of absolute advantage theory and david ricardo''s comparative advantage theory of international trade.

Demand pull inflation and cost-push inflation, Demand Pull Inflation and Co...

Demand Pull Inflation and Cost-Push Inflation: Demand Pull Inflation: It describes a sustained increase in the general price level that is caused by a permanent increase in n

Revenue and profit maximization, Revenue and Profit Maximization: When...

Revenue and Profit Maximization: Whenever a good is produced, the individual firm which has produced incurs costs which are are referred to as private costs and the society in

Define the adoption of economic institutional arrangement, Define the adopt...

Define the adoption of economic institutional arrangement in analytical frameworks. Adoption of Economic Institutional Arrangement: The third step for studying an economi

Building up a stable and viable export production base, Building up a Stabl...

Building up a Stable and Viable Export Production Base: It is necessary to make a deliberate production plan and to earmark a part of production for export even if there is a

Game theory, write down the assumotions and importance of game theory

write down the assumotions and importance of game theory

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