this is my homework for econ

ECON 201-HW#3 1. A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their consumption will yield is shown in the table below. Assume that the prices of X, Y, and Z are $10, $2, and $8, respectively, and that the consumer has an income of $74 to spend. Produc tX Produc tY Margi nal Utility per $ Quant ity Margi nal Utility per $ Quant ity Utility Margi nal Utility per $ Quant ity Utility 1 4.2 1 14 7.0 1 32 4.0 4.0 2 26 6.0 2 60 3.5 3 4 2 8 2 118 3.6 3 36 5.0 3 84 3.0 4 148 3.0 4 44 4.0 4 100 2.0 5 170 2.2 5 50 3.0 5 110 1.25 6 182 1.2 6 54 2.0 6 116 75 7 182 0.0 7 56.4 1.2 7 120 .50 2 Utility Produc tZ (a) Complete the table by computing the marginal utility per dollar for successive units of X, Y, and Z to one or two decimal places. (b) How many units of X, Y, and Z will the consumer buy when maximizing utility and spending all income? Show this result using the utility maximization formula. (c) Why would the consumer not be maximizing utility by purchasing 2 units of X, 4 units of Y, and 1 unit of Z? 2. Fill in the following table on the total and marginal utilities of a certain product A. Use your results to answer the following questions. Units of produc tA Total utility 0 0 1 2 0 3 5 2 3 Margi nal utilit y 4 1 0 5 5 0 6 7 8 4 5 3 5 15 (a) Graph both the total utility and marginal utility curves together on the same graph. (b) Explain the shape of both of the curves. (c) Identify the point where utility is maximized on both curves