Multiple Choice
Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4, and the price of product Y is $2. The income of the consumer is $20.
If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility?
A) 4X and 2Y
B) 3X and 4Y
C) 4X and 3Y
D) 5X and 3Y
Correct Answer:
Verified
Correct Answer:
Verified
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