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Short description: Four graphs. The first two graphs represent good X and the next two represent good Y. Long description: The first two graphs represent good X. In the first graph, the horizontal axis representing units of good X ranges from 0 to 10, in increments of 1. The vertical axis representing M U subscript X ranges from 0 to 18, in increments of 2. Graph (a) shows a line that passes through the following points: (1, 16), (4, 10), and (9, 0). In the second graph, the horizontal axis representing units of good X ranges from 0 to 10, in increments of 1. The vertical axis representing T U subscript X ranges from 0 to 80, in increments of 10. Graph (b) shows a curve that passes through the following points: (1, 15), (3, 40), (4, 52), and (9, 75). In the third graph, the horizontal axis representing units of good Y ranges from 0 to 10, in increments of 1. The vertical axis representing M U subscript Y ranges from 0 to 10, in increments of 2. Graph (c) shows a line that passes through the following points: (1, 9), (2, 8), (4, 6), (6, 4), and (9, 1). In the fourth graph, the horizontal axis representing units of good Y ranges from 0 to 10, in increments of 1. The vertical axis representing T U subscript Y ranges from 0 to 50, in increments of 5. Graph (d) shows a curve that passes through the following points: (1, 10), (2, 17), (4, 30), and (9, 45). Note: all values are approximate.

FIGURE 6-2

Refer to Figure 6-2. Suppose the price of X is $2, the price of Y is $1, the consumer's income is $10, and the consumer is buying 3 units of good X and 4 units of good Y. What is the total utility the consumer obtains from this combination of X and Y?



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Microeconomics

Microeconomics


Edition: 17th
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navgilnavgil
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Anonymous
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Quote from: Anonymous (8 months ago)
good Y. What is the total utility the consumer obtains from this combination of X and Y?

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