Explain how much of x and y will lisa white demand. check, Ask an Expert

Economics

Lisa White consumes only two goods X and Y. Column 1 of Table A shows the marginal utility she derives from various units of X. Column 2 shows the marginal utility she derives from various units of Y. Her income is $20, the price of X is $2 and, and the price of Y is $4. Use Table A to answer the following questions:

a. Explain how much of X and Y will Lisa White demand?

b. Check out your answer by using the consumer equilibrium conditions. (Is all income spent? Does MUx/Px = MUy/Py?)

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9221620

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