Business, 07.04.2020 03:14 erock5528

Assume you are spending your full budget and purchasing such amounts of X and Y that the marginal utility from the last units consumed is 40 and 20 utils respectively. Assume (a) the prices of X and Y are $8 and $4 respectively; (b) it takes 3 hours to consume a unit of X and 1 hour to consume a unit of Y; and (c) your time is worth $2 per hour. You therefore:.1. should subtitute X for Y until the marginal utility per hour is the same for both products.2. are consuming X and Y inthe optimal amounts3. should consume less of Y more of X4. should consume more of X less of Y

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Assume you are spending your full budget and purchasing such amounts of X and Y that the marginal ut...