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JAMB Economics 2015 Paper
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Question : 58
Total: 70
In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when
MUX = MUA
MUX = PX
PX = X
PX = PY
Validate
Solution:
A consumer utility is maximized when the marginal utility per amount spent on a product is equal to the price.
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