Consumer Choice, Welfare, and Behavioural Aspects
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Marginal utility per dollar
Good
Marginal utility per dollar
8
5
X
Y
Evidence
Value
MUx / Px
8
MUy / Py
5
Equilibrium rule
Equal marginal utility per dollar
A consumer buys X and Y. MUX/PX=8 and MUY/PY=5. To move toward equilibrium, the consumer should:
Select one option.
A
Buy more Y and less X
B
Buy less of both
C
Keep the bundle unchanged
D
Buy more X and less Y
E
Ignore prices
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