5. Each week, Bill, Mary, and Jane select the quantity of two goods, x, and x2, that they will consume in order to maximize their respective utilities. They each spend their entire weekly income on these two goods. a. Suppose you are given the following information about the choices that Bill makes over a three-week period: P, P, Week 1 10 20 1 40 Week 2 7 19 1 40 Week 3 8 31 1 55 Did Bill's utility increase or decrease between week 1 and week 2? Between week 1 and week 3? Explain using a graph to support your answer.

5. Each week, Bill, Mary, and Jane select the quantity of two goods, x, and x2, that they will consume in order to maximize their respective utilities. They each spend their entire weekly income on these two goods. a. Suppose you are given the following information about the choices that Bill makes over a three-week period: P, P, Week 1 10 20 1 40 Week 2 7 19 1 40 Week 3 8 31 1 55 Did Bill's utility increase or decrease between week 1 and week 2? Between week 1 and week 3? Explain using a graph to support your answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Price Discrimination

Price discrimination or differential pricing is based on the principle that the seller will charge the buyer a price based on the buyer’s ability and willingness to pay for the product rather than applying uniform pricing for all.

Question

Graph is necessary

5. Each week, Bill, Mary, and Jane select the quantity of two goods, x, and x2, that they will
consume in order to maximize their respective utilities. They each spend their entire weekly
income on these two goods.
a. Suppose you are given the following information about the choices that Bill makes over a
three-week period:
P
P,
Week 1
10
20
2
1
40
Week 2
19
3
1
40
Week 3
8
31
3
1
55
Did Bill's utility increase or decrease between week 1 and week 2? Between week 1 and
week 3? Explain using a graph to support your answer.

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