The Consumer's Utility Function for Goods X and Y Is

question 21

Multiple Choice

The consumer's utility function for goods X and Y is U = 3X + 15Y. Good X is placed on the x-axis and good Y is placed on the y-axis. Which of the following statements is TRUE?
I. The marginal utility of good Y is 15.
II. The MRS_XY = 5.
III. The consumer is always willing to trade away 5 units of good X for 1 unit of good Y.

• A) I and II
• B) II only
• C) I and III
• D) I, II, and III

Understand the sequence of withdrawal behaviors leading to turnover.

Understand the economic efficiency of public projects and government programs through cost-benefit analysis.

Comprehend how to derive and interpret the demand curve for public goods.

Analyze the efficiency conditions for the provision of public goods, including the collective willingness to pay.

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