Let the following table represents the total utility of a given consumer, in the cardinal utility approach.Q12345Tux814182020Tuy610131516Mux Muy Mux/px Muy/py D) Assuming the consumer has any amount of money (enough budget) how many of X and Y should the consumer buy, to maximize utility?E) What is the total utility of X and Y?F) Let now price of X is 4 birr per unit and price of Y is 2 birr per unit and budget of the consumer for consumption of X and Y is 20 birr. Given budget constraint how manyof X and Y should the consumer buy to maximize utility?G) What are the total utility of X and Y 1. Let the following table represents the total utility of a given consumer, in the cardinalutility approach.QTUXTUYMUXMUY1458141820206.10131516MUx/PxMUy/PYA) Calculate the MUx and MUy and fill the table in the 4thand 5throws.B) If the two products (X&Y) are free goods how many of X and Y should the consumertake to maximize utility?C) What is the maximum utility of X and Y if they are free?.D) Assuming the consumer has any amount of money (enough budget) how many of Xand Y should the consumer buy, to maximize utility?E) What is the total utility of X and Y?F) Let now price of X is 4 birr per unit and price of Y is 2 birr per unit and budget of theconsumer for consumption of X and Y is 20 birr. Given budget constraint how manyof X and Y should the consumer buy to maximize utility?G) What are the total utility of X and Y

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Answered: Let the following table represents the…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter21: Demand: Consumer Choic

Section: Chapter Questions

Problem 1E

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Let the following table represents the total utility of a given consumer, in the cardinal utility approach.

Q	1	2	3	4	5
Tux	8	14	18	20	20
Tuy	6	10	13	15	16
Mux
Muy
Mux/px
Muy/py

D) Assuming the consumer has any amount of money (enough budget) how many of X and Y should the consumer buy, to maximize utility?

E) What is the total utility of X and Y?

F) Let now price of X is 4 birr per unit and price of Y is 2 birr per unit and budget of the consumer for consumption of X and Y is 20 birr. Given budget constraint how many

of X and Y should the consumer buy to maximize utility?

G) What are the total utility of X and Y

1. Let the following table represents the total utility of a given consumer, in the cardinal
utility approach.
Q
TUX
TUY
MUX
MUY
1
4
5
8
14
18
20
20
6.
10
13
15
16
MUx/Px
MUy/PY
A) Calculate the MUx and MUy and fill the table in the 4th
and 5th
rows.
B) If the two products (X&Y) are free goods how many of X and Y should the consumer
take to maximize utility?
C) What is the maximum utility of X and Y if they are free?.
D) Assuming the consumer has any amount of money (enough budget) how many of X
and Y should the consumer buy, to maximize utility?
E) What is the total utility of X and Y?
F) Let now price of X is 4 birr per unit and price of Y is 2 birr per unit and budget of the
consumer for consumption of X and Y is 20 birr. Given budget constraint how many
of X and Y should the consumer buy to maximize utility?
G) What are the total utility of X and Y

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