Assume an individual is currently using all of his income to consume two goods - X and Y.If the prices of X and Y are $3 and $8,respectively,and the marginal rate of substitution of X for Y is four,is this individual maximizing his net benefits from consumption? If not,what should he do to increase his total utility?

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The Answer of Assume an individual is currently using all of his income to consume two goods - X and Y.If the prices of X and Y are $3 and $8,respectively,and the marginal rate of substitution of X for Y is four,is this individual maximizing his net benefits from consumption? If not,what should he do to increase his total utility?

Assume an Individual Is Currently Using All of His Income