A consumer consumes only two goods X and Y. The consumer choose a combination of two good with marginal utility of X equal to 30 and that of Y equal to 20. If price of good X is Rs 6 per unit, then what will be price of good Y at the point of consumer's equilibrium ?

A consumer consumes only two goods X and Y. The consumer choose a comb

1.	A consumer consumes only two goods X and Y. The consumer choose a combination of two good with marginal utility of X equal to 30 and that of Y equal to 20. If price of good X is Rs 6 per unit, then what will be price of good Y at the point of consumer's equilibrium ?
Answer» Solution :A consumer in consumption of TWO commodities is at equilibrium when : `(MU_(X))/(P_(X)) = (MU_(Y))/(P_(Y))` PUTTING the GIVEN values in the equilibrium CONDITIONS: `(30)/(6) = (20)/(P_(Y))` `P_(Y) = 4`