The marginal utilities derived from the consumption of goods X and Y by a given consumer are given by MUx=40-6x and MUy=80-10y. If the prices of X and Y are Gh2 and Gh10 respectfully. determine the number of units of the commodities that the consumer must consume to optimize satisfaction granted that he/she earns an income of GH40 within the period.

The marginal utilities derived from the consumption of goods X and Y by a given consumer are given by MUx=40-6x and MUy=80-10y. If the prices of X and Y are Gh2 and Gh10 respectfully. determine the number of units of the commodities that the consumer must consume to optimize satisfaction granted that he/she earns an income of GH40 within the period.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 11SQ

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