Question

A consumer consumes only two goods X and Y whose prices are 5 and 4 per unit.If MUy=16 at the point of consumer's equilibrium.Calculate MUx.

Answer 1

Answer:

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Explanation:

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Answer 2

The value $MU_{x}$ is 20

Given,

A consumer consumes only two goods X and Y

$P_{x}$ = 5 and $P_{y}$ = 4

and, $Mu_{y}$ = 16

To Find,

Find the value $MU_{x}$

Solution,

• Consumer equilibrium occurs when a customer, working with the available resources and current market prices, gets the most out of his current consumption habits.
• A state of equilibrium is referred to as being in equilibrium. At this stage, there is no intention to adjust the ratio of the two components.
• An intelligent consumer wants to be as satisfied as possible. He/she may buy one or more goods with his revenue. In both scenarios, the consumer equilibrium point is different.

According to the question,

$P_{x}$ = 5

$P_{y}$ = 4

$MU_{x}$ = ?

$MU_{y}$ = 16

$\frac{MU_{x} }{P_{x} } = \frac{MU_{y} }{P_{y} }$

Where,

X's marginal utility is represented by $MU_{x}$ .

The cost of X is $P_{x}$.

$MU_{y}$ stands for the marginal utility of Y.

The cost of Y is $P_{y}$ .

so, $\frac{MU_{x} }{5} = \frac{16}{4}$

=> $MU_{x}$ = 4*5 = 20

Hence, the value $MU_{x}$ is 20

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