Answer the Question on the Basis of the Following Marginal

question 50

Multiple Choice

Answer the question on the basis of the following marginal utility data for products X and Y.Assume that the prices of X and Y are $4 and $2 respectively and that the consumer's income is $18. $\begin{array}{c}\begin{array}{c}\text {Units}\\\underline{\text {of X }}\\1\\2\\3\\4\\5\\6\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Utility, X}}\\20\\16\\12\\8\\6\\4\end{array}\begin{array}{c}\text {Units}\\\underline{\text {of Y }}\\1\\2\\3\\4\\5\\6\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Utility, Y}}\\16\\14\\12\\10\\8\\6\end{array}\end{array}$
Refer to the data.If the price of X decreases to $2,then the utility-maximizing combination of the two products is:

• A) 2 of X and 5 of Y.
• B) 4 of X and 6 of Y.
• C) 6 of X and 3 of Y.
• D) 4 of X and 5 of Y.

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Definitions:

Heuristics

Mental shortcuts or rules of thumb that simplify decision making.

Rules Of Thumb

Rules of thumb are general principles derived from practice or experience, serving as informal guidelines rather than strict regulations or measures.

Knowledge Management

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The act of carrying something to a person or place, or the process of achieving something as promised or expected.