A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 40 units and Y is 16 units. The unit price of X is Rs.5. The price of Y is:

Related MCQs

• If you know that the marginal utility per rupees spent on product Alpha is less than the marginal utility per rupees spent on product Beta, consumers who spend all their income on these two products can:
• According to ----------- when income increases by a small increment, it leads to increasing marginal utility of income
• A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the:
• The marginal product curve is above the average product curve when the average product is :
• Which of the following defines marginal utility?
• Which best expresses the law of diminishing marginal utility?
• Which situation is consistent with the law of diminishing marginal utility?
• The marginal product of labour curve shows the change in total product resulting from a:
• When marginal product reaches its maximum, what can be said of total product?
• If the marginal product of labour is below the average product of labour. It must be true that: