Answer the Question Based on the Table Below Showing the Marginal

question 38

Multiple Choice

Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $3, and the price of product Y is $2. The income of the consumer is $15. If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility?

• A)4X and 2Y
• B)3X and 3Y
• C)2X and 4Y
• D)1X and 5Y

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Definitions:

Multiculturalism

A societal approach that recognizes, appreciates, and promotes diverse cultural backgrounds and traditions.

Cultural Isolation

A state where a group or community is detached from interacting with or being influenced by different cultures.

National Identity

A sense of a belonging to a nation and a belief in its culture, language, and common descent, which distinguishes one nation from another.

Hyphenated Canadian

A term used to describe Canadians who identify with both their Canadian nationality and their ethnic or cultural heritage, using a hyphen to connect them.