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1. (Utility-Maximizing Conditions) Suppose that marginal util- ity of Good X = 100, the price of X is $10 per unit, and the price of Y is $5 per unit. Assuming that the consumer is in equilibrium and is consuming both X and Y, what must the marginal utility of Y be?

2. (Utility-Maximizing Conditions) Suppose that the price of X is twice the price of Y. You are a utility maximizer who allocates your budget between the two goods.What must be true about the equilibrium relationship between the marginal utility levels of the last unit consumed of each good? What must be true about the equilibrium relationship between the marginal utility levels of the last dollar spent on each good?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91719728

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