For a consumer, the marginal utilities of commodities X and Y are 50 and 100, and the price of Y is Rs.20. If the consumer is in equilibrium, the price of X will be
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4 marks, −1MicroeconomicsConsumer preferences and utilityMarginal utility and the equi-marginal principleModerateabout 1 min
CUET-PG 2019 Question 53: Consumer preferences and utility
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Consumer preferences and utility has come up 93 times in 7 exams since 2007.
What this question tests
This question is on Marginal utility and the equi-marginal principle, part of Consumer preferences and utility in Microeconomics.
Diminishing marginal utility and the cardinal rule that a consumer equalises marginal utility per rupee across goods.
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