Multiple Choice
The table shows the marginal utility schedules for old product X and new product Y for a hypothetical consumer. The price of X is $2, and the price of good Y is $1. The budget of the consumer is $10. If the consumer can only buy old product X, how much will the consumer buy and what will be the total utility from spending the given budget?
A) 4X and 52
B) 4X and 10
C) 5X and 8
D) 5X and 60
Correct Answer:
Verified
Correct Answer:
Verified
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