Suppose that for John, the marginal utility of good X is 10 while the marginal utility of good Y is 20 . The market price of X is £2 while it is £6 for Y. Which of the following is true?
a. John is maximizing utility from X and Y
b. John would increase utility by consuming more X and less Y
c. John could only increase utility by consuming more of both goods
d. John would increase utility by consuming less X and more Y

Question

03-12-2022
Mathematics

Answered

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Suppose that for John, the marginal utility of good X is 10 while the marginal utility of good Y is 20 . The market price of X is £2 while it is £6 for Y. Which of the following is true?
a. John is maximizing utility from X and Y
b. John would increase utility by consuming more X and less Y
c. John could only increase utility by consuming more of both goods
d. John would increase utility by consuming less X and more Y

Sagot :

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