[See Steps] You are choosing between two goods, X and Y, and your marginal utility from each is as shown in the table below. If your income is $9 and the
Question: You are choosing between two goods, X and Y, and your marginal utility from each is as shown in the table below. If your income is $9 and the prices of X and Y are $ 2 and $ 1, respectively
- what quantities of each will you purchase to maximize utility?
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What total utility will you realize?
Assume other things remaining unchanged, the price of X falls to $ 1. - What quantities of X and Y will you now purchase? What is the new total utility?
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