Consider the following discreet choice consumer problem. To be a hipster you have to wear flan- nel shirts and have tattoos. You must have at least one of each and a total of five of either thing combined (for example, two flannel shirts and three tattoos would qualify you as hipster. Tattoos cost $200 and shirts cost $ 25 each.
Consider the following discreet choice consumer problem. To be a hipster you have to wear flan- nel shirts and have tattoos. You must have at least one of each and a total of five of either thing combined (for example, two flannel shirts and three tattoos would qualify you as hipster. Tattoos cost $200 and shirts cost $ 25 each.
Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
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![9. Consider the following discreet choice consumer problem. To be a hipster you have to wear flan-
nel shirts and have tattoos. You must have at least one of each and a total of five of either thing
combined (for example, two flannel shirts and three tattoos would qualify you as hipster. Tattoos
cost $200 and shirts cost $25 each.
a. Draw the consumption set for hipsters. That is, show all allocations that allow a person to
achieve hipsterhood. Since this is unbounded from above, only draw the allocations that have
ten or fewer tattoos or shirts.
b. Will Doolittle is a trustafarian who has decided he wants to be a hipster. His parents have
given him $500. Draw his feasible set. Can Will be a hipster?
c. Leah Tarde is not as fortunate as Will. She has to work for a living has saved $187.45 in
hopes of becoming a hipster. Draw her feasible set. Can Leah be a hipster?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd80ccd3b-f207-4569-a0c9-dab8b67382eb%2Fbf8c7d60-d6d7-4a21-8d9d-990519430220%2F5gjmz2_processed.png&w=3840&q=75)
Transcribed Image Text:9. Consider the following discreet choice consumer problem. To be a hipster you have to wear flan-
nel shirts and have tattoos. You must have at least one of each and a total of five of either thing
combined (for example, two flannel shirts and three tattoos would qualify you as hipster. Tattoos
cost $200 and shirts cost $25 each.
a. Draw the consumption set for hipsters. That is, show all allocations that allow a person to
achieve hipsterhood. Since this is unbounded from above, only draw the allocations that have
ten or fewer tattoos or shirts.
b. Will Doolittle is a trustafarian who has decided he wants to be a hipster. His parents have
given him $500. Draw his feasible set. Can Will be a hipster?
c. Leah Tarde is not as fortunate as Will. She has to work for a living has saved $187.45 in
hopes of becoming a hipster. Draw her feasible set. Can Leah be a hipster?
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