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Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price

Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4, and the price of product Y is $4. The income of the consumer is $24.

Product X Product Y
Quantity MUX Quantity MUY
1 32 1 24
2 28 2 20
3 24 3 16
4 20 4 12
5 16 5 8

If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility?

Multiple Choice

  • 3X and 3Y
  • 4X and 2Y
  • 5X and 1Y
  • 1X and 5Y

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