The Table Shows the Marginal Utility Schedules for Old Product

question 94

Multiple Choice

The table shows the marginal utility schedules for old product X and new product Y for a hypothetical consumer. The price of X is $3, and the price of good Y is $2. The budget of the consumer is $15. If the consumer buys both old product X and new product Y, how much will the consumer buy of each to maximize utility?

• A)3X and 4Y
• B)3X and 3Y
• C)4X and 3Y
• D)4X and 4Y

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Definitions:

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