Assume an individual with a budget of $55 consumes five units of good X and ten units of good Y. Also, assume the marginal utility of the fifth unit of good X is 10, while the marginal utility of the tenth unit of good Y is 12. If the price of good X is $3 per unit and the price of good Y is $4, what should this individual do to maximize their utility?

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09-06-2024
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Assume an individual with a budget of $55 consumes five units of good X and ten units of good Y. Also, assume the marginal utility of the fifth unit of good X is 10, while the marginal utility of the tenth unit of good Y is 12. If the price of good X is $3 per unit and the price of good Y is $4, what should this individual do to maximize their utility?

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