Mitchell's money income is $150, the price of X is $2, and the price of Y is $2.Given these prices and income, Mitchell buys 50 units of X and 25 units of Y.Call this combination of X and Y bundle J.At bundle J Mitchell's MRS is 2.Given these prices and income, what is Mitchell's equilibrium consumption of X? A)X 50. D)none of the statements associated with this question are correct.

Question

Mitchell's money income is $150, the price of X is $2, and the price of Y is $2.Given these prices and income, Mitchell buys 50 units of X and 25 units of Y.Call this combination of X and Y bundle J.At bundle J Mitchell's MRS is 2.Given these prices and income, what is Mitchell's equilibrium consumption of X?
A)X < 50.
B)X = 50.
C)X > 50.
D)none of the statements associated with this question are correct.

Quizplus · Accepted Answer

The Answer of Mitchell's money income is $150, the price of X is $2, and the price of Y is $2.Given these prices and income, Mitchell buys 50 units of X and 25 units of Y.Call this combination of X and Y bundle J.At bundle J Mitchell's MRS is 2.Given these prices and income, what is Mitchell's equilibrium consumption of X?
A)X < 50.
B)X = 50.
C)X > 50.
D)none of the statements associated with this question are correct.

Mitchell's Money Income Is $150, the Price of X Is