Economics WAEC

MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility; P= Price) MUY = PY. This represents?

A. marginal utility equation
B. equation for consumer dis-equilibrium
C. utility maximization equation
D. equation for total utility
E. equation for price elasticity

Correct Answer:

Option C – utility maximization equation

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