At a consumer optimum involving goods X and Y, the marginal utility of good X equals 5
utils. The price of good Y is three
times the price of good X. What is the marginal utility of good Y?
Part 2
A.
3
.
B.
15
.
C.
5
.
D.
There is not enough information.
To determine the marginal utility of good Y, we need more information about the relationship between the marginal utilities of X and Y. Without this information, we cannot determine the exact value of the marginal utility of good Y. Therefore, the answer is D. There is not enough information.
To determine the marginal utility of good Y, we need to find the relationship between the marginal utility of good X and the price of good X and Y. Without this information, we cannot accurately determine the marginal utility of good Y. Hence, the correct answer is D. There is not enough information.
To determine the marginal utility of good Y, we need to know the relationship between the marginal utilities of different goods. Specifically, we need to know the marginal rate of substitution (MRS), which is the rate at which a consumer is willing to trade one good for another while keeping the level of satisfaction constant.
In this case, since the marginal utility of good X is given as 5 utils, we need to find the MRS between goods X and Y. However, without information about the MRS or any other information regarding the relationship between the two goods, we cannot determine the marginal utility of good Y. Therefore, the correct answer is D. There is not enough information.