(Answered) A consumer with an income of 240 is spending it all on 12

Management Studies

A consumer with an income of $240 is spending it all on 12 units of good X and 18 units of good Y. The price of X is $5 and the price of Y is $10. The marginal utility of the last X is 20 and the marginal utility of the last Y is $30. What should the consumer do?

a. Nothing, this is the utility maximizing choice.

b. Buy more Y and less X because MUy is higher than MUx.

c. Buy more Y and less X because the marginal utility per dollar of Y is higher. d. Buy more X and less Y because the price of X is lower. Please explain.

View complete question

Business Management, Management Studies

Category:- Business Management
Reference No.:- M91845257
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Management

Identify stakeholder training requirements and needs from a

Identify stakeholder training requirements and needs from a knowledge system requires research. Give examples of methods you have used, or would consider using in the future, to assess client learning needs.

What is the difference is between a leader of change and a

What is the difference is between a leader of change and a change champion? In what ways are the differences meaningful?

Can you recall a time when you used intuition to make a

"Can you recall a time when you used intuition to make a decision? Would this have had a better outcome if you used one of the decision-making models to assist in this situation?" Describe the situation, your intuitive m ...

Is the great man perspective on leadership still in use

Is the Great Man perspective on leadership still in use today? Discuss.

What prevented indentured servants from self-financing

What prevented indentured servants from self-financing their voyage to the colonies instead of paying for the voyage with the labor?

In your experiences or practicum observations what

In your experiences or practicum observations, what classroom setups did you find most useful? How do you see implementing these components in your classroom?

Ethics and the information security professionnbspwhat are

ETHICS AND THE INFORMATION SECURITY PROFESSION What are the ethical dilemmas and challenges faced by information security professionals? Are professional organizations' ethical codes of conduct beneficial as an informat ...

Write c program using cpp file that displays the color of

Write C++ program (using .cpp file) that displays the color of the camera whose item number is entered by the user. All item numbers contain exactly seven characters. All items are available in four colors: black, green, ...

Please advise what does it mean for supply chain as

Please advise what does it mean for Supply chain as following: Service Supplier => Customers =>Clients => Service suppliers (circle ) For example, it is supply chain for call center business.

What types of challenges do human resources managers face

What types of challenges do human resources managers face in a modern business environment?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Management Expert