21. Ted has 14 hours per week to spend on watching movies and going to the gym. Each movie takes 2 hours and each gym visit takes 2 hours. The accompanying table shows Ted's utilities from both going to the gym and watching a movie. Quantity of gym visits per week 1 Utility from gym visits Quantity of movies per week Utility from movies 100 1 60 234 180 240 23 110 150 280 310 180 190 195 197 330 340 a. Which bundles of gym visits and movies can Damien consume per week if he spends all his time either going to the gym or watching movies? Please list ALL possible bundles b. Illustrate Ted's budget line with gym visits on the horizontal axis and movies on the vertical axis c. Find the marginal utilities and marginal utilities per hour spend on both movies and going to the gym
21. Ted has 14 hours per week to spend on watching movies and going to the gym. Each movie takes 2 hours and each gym visit takes 2 hours. The accompanying table shows Ted's utilities from both going to the gym and watching a movie. Quantity of gym visits per week 1 Utility from gym visits Quantity of movies per week Utility from movies 100 1 60 234 180 240 23 110 150 280 310 180 190 195 197 330 340 a. Which bundles of gym visits and movies can Damien consume per week if he spends all his time either going to the gym or watching movies? Please list ALL possible bundles b. Illustrate Ted's budget line with gym visits on the horizontal axis and movies on the vertical axis c. Find the marginal utilities and marginal utilities per hour spend on both movies and going to the gym
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Give please answer every part and take a like
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 9 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education