Question
A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 24 units and that
A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 24 units and that of Y is 30 units. If the unit price of X is $8, then the price of Y must be
Multiple Choice
- $8 per unit.
- $10 per unit.
- $3 per unit.
- $6 per unit.
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Using Econometrics A Practical Guide
Authors: A. H. Studenmund
7th edition
013418274X, 978-0134182742
