the consumer is in equilibrium and is consuming commodity-X only.the marginal utility from last unit consumed is 50 utils and MUm is 10. find the price of the commodity.
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11
Explanation:
the consumer is in equilibrium and is consuming commodity-X only.the marginal utility from last unit consumed is 50 utils and MUm is 10. find the price of the commodity.
Answered by
22
Answer:
₹5
Explanation:
Marginal utility of money refers to the utility per unit of money spent which is calculated by dividing marginal utility of last unit consumed by the price of the commodity. Therefore, the price of the commodity will be marginal utility of last unit consumed by marginal utility of money.
Price = 50/10
=₹5
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