4. Suppose your preferences are reflected in the indifference map shown. A burger costs $100 and a slice of pizza sells for $50. You have a food budget of $500 per week. a) How many burgers and slices of pizza will you consume in a typical week? Explain your choice. b) Demonstrate the effect on your consumption choice if pizza falls in price.

4. Suppose your preferences are reflected in the indifference map shown. A burger costs $100 and a slice of pizza sells for $50. You have a food budget of $500 per week. a) How many burgers and slices of pizza will you consume in a typical week? Explain your choice. b) Demonstrate the effect on your consumption choice if pizza falls in price.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 4SQP

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