Question No.4 A consumer consumes only two goods X and Y. The consumer chooses a combination of the two goods with marginal utility of X equal to 30 and that Y equal to 20. If price of good X is Rs. 6 per unit, then what will be price per unit of good Y at the point of consumer's equilibrium?
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A consumer in consumption of two commodities is at equilibrium when : MUXPX=MUYPY
Putting the given values in the equilibrium conditions:
306=20PY
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