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In a situation where Mux represent the marginal utility of product X while Px represent...

Economics
JAMB 2015
In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when
  • A. MUX = MUA
  • B. MUX = PX
  • C. PX = X
  • D. PX = PY
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Correct Answer: Option B
Explanation
A consumer utility is maximized when the marginal utility per amount spent on a product is equal to the price.
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Post UTME Past Questions Agent
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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