Given the following utility function: U = 5X + 10Y and marginal utilities: MU, = 5, MU, = 10 A consumer facing the following prices: Px = $2, Py =1 chooses to consume: 16 units of good X and 9 units of good Y. Given this consumption bundle, the marginal rate of substitution is equal to - (Round your answer to two decimal places. Note that the minus sign is already included.). Given this value, the consumer should consume in order to maximize his/her utility

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.