Suppose that two units of X and eight units of Y give a consumer the same utility as five units of X and two units of Y Over this range, If the consumer obtains one more unit of X, how many units of Y must be given up in order to keep utility constant If the consumer obtains one more unit of Y, how many units of X must be given up in order to keep utility constant A consumer buys only two goods, X and Y If the MRS between X and Y is 4 and the marginal utility of X is 20, what is the marginal utility of Y If the MRS between X and Y is 3 and the marginal utility of Y is 6, what is the marginal utility of X If a consumer moves downward along an indifference curve, what happens to the marginal utilities of X and Y What happens to MRS Betty purchases only pasta and salad with her income of $160 a month Each month she buys 10 pasta dinners at $6 each and 20 salads at $5 each The marginal utility of the last unit of each is 30 What should Betty do Explain Suppose the demand for good X is Q D 20 4P What is total revenue when P $1 What is total revenue when P $2 What is total revenue when P $4 Calculate price elasticity of demand for a change in price from $1 to $2 (a to b) Now, calculate price elasticity of demand for a change in price from $2 to $4 (b to c) The general linear demand for good X is estimated to be Q D 250,000 500P 1 50M 240P R Where P is the price of good X, M is average income of consumers who buy good X, and P R is the price of related good R The values of P, M, and P R are expected to be $200, $60,000, and $100, respectively Use these values at this point on demand to make the following computations Compute the quantity of good X demanded for the given values of P, M, and P R Calculate the price elasticity of demand (E D ) At this point on the demand for X, is demand elastic, inelastic, or unitary elastic Calculate the income elasticity of demand (E M ) Is good X normal or inferior Calculate the cross price elasticity (E XR ) Are the goods X and R substitutes or complements

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Suppose that two units of X and eight units of Y give a consumer the same utility as five units of X and two units

Suppose that two units of X and eight units of Y give a consumer the same utility as five units of X and two units of Y. Over this range,
If the consumer obtains one more unit of X, how many units of Y must be given up in order to keep utility constant?
If the consumer obtains one more unit of Y, how many units of X must be given up in order to keep utility constant?

A consumer buys only two goods, X and Y.
If the MRS between X and Y is 4 and the marginal utility of X is 20, what is the marginal utility of Y?
If the MRS between X and Y is 3 and the marginal utility of Y is 6, what is the marginal utility of X?
If a consumer moves downward along an indifference curve, what happens to the marginal utilities of X and Y? What happens to MRS?

Betty purchases only pasta and salad with her income of $160 a month. Each month she buys 10 pasta dinners at $6 each and 20 salads at $5 each. The marginal utility of the last unit of each is 30. What should Betty do? Explain.

Suppose the demand for good X is Q_D = 20-4P.
What is total revenue when P=$1?
What is total revenue when P=$2?
What is total revenue when P=$4?
Calculate price elasticity of demand for a change in price from $1 to $2 (a to b). Now, calculate price elasticity of demand for a change in price from $2 to $4 (b to c).

The general linear demand for good X is estimated to be:

Q_D = 250,000 - 500P - 1.50M - 240P_R

Where P is the price of good X, M is average income of consumers who buy good X, and P_R is the price of related good R. The values of P, M, and P_R are expected to be $200, $60,000, and $100, respectively. Use these values at this point on demand to make the following computations.

Compute the quantity of good X demanded for the given values of P, M, and P_R.
Calculate the price elasticity of demand (E_D).At this point on the demand for X, is demand elastic, inelastic, or unitary elastic?
Calculate the income elasticity of demand (E_M). Is good X normal or inferior?
Calculate the cross-price elasticity (E_XR).Are the goods X and R substitutes or complements?