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Homework answers / question archive / All of the following questions in the space given below each question
All of the following questions in the space given below each question. This question is worth 5 Marks You are choosing between two goods, X and Y marginal utility from each is as shown in the table below. If your income is $36 and the prices of X and Y are $8 and $4, respectively then use the table below to answer the following questions Units of X Total Marginal $/Mux Units of Y Total Marginal S/Muy Utility Utility of X Utility Utility of Y 1 1 32 2 32 2 28 3 28 3 24 4 16 4 20 5 12 5 16 6 4 6 8 . Fall in the table abc What quantities of X & Y will you purchase to maximize total utility? What will be the maximum total utility? Assume that other things remain unchanged, the price of X falls to $4. What quantities of X and Y Will you purchase now? Using the two Prices and quantities of X derive the demand curve for good X
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