Question
The table shows the total utility data for products X and Y. Assume that the prices of X and Y are $1.5 and $2, respectively,
The table shows the total utility data for products X and Y. Assume that the prices of X and Y are $1.5 and $2, respectively, and that consumer income is $9.
Units of X Total Utility Units of Y Total Utility
1 9 1 16
2 15 2 28
3 19 3 36
4 21 4 40
5 22 5 42
How many units of the two products will the consumer buy to get maximum utility?
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Economics of Strategy
Authors: David Besanko, David Dranove, Mark Shanley, Scott Schaefer
6th edition
978-1118273630, 111827363X, 978-1118319185
