Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below Movies Total Yoga UtilityClassesUtility Total 40 1 75 105 130 160 5 30 55 76 92 106 114 116 117 3 4 What is Kim's total utility maximizing point? Hint: you can either calculate the marginal utility per dollar spent or check which option leads to a higher total utility. a) 0 movies, 8 yoga classes b) 1 movie, 5 yoga classes c) 2 movies, 2 yoga classes
Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below Movies Total Yoga UtilityClassesUtility Total 40 1 75 105 130 160 5 30 55 76 92 106 114 116 117 3 4 What is Kim's total utility maximizing point? Hint: you can either calculate the marginal utility per dollar spent or check which option leads to a higher total utility. a) 0 movies, 8 yoga classes b) 1 movie, 5 yoga classes c) 2 movies, 2 yoga classes
Chapter1: Making Economics Decisions
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![Kim has $24 per week in her entertainment budget. She splits her time between
going to the movies and yoga classes. Each movie costs $8 while each yoga class
costs $3. The total utility from each of these activities is set out in the table below
Movies Total Yoga
UtilityClassesUtility
Total
1
40
1
75
105
130
160
30
55
76
92
106
114
116
117
3
4
3
4
7
. What is Kim's total utility maximizing point? Hint: you can either calculate the
marginal utility per dollar spent or check which option leads to a higher total utility.
a) 0 movies, 8 yoga classes
O b) 1 movie, 5 yoga classes
c) 2 movies, 2 yoga classes
d) 3 movies, 0 yoga classes](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b9de62c-1f0d-40f8-b1f0-6289f4ae51c1%2F92e500a2-ce74-449b-a80f-66bdd8a70c4d%2Fzua4b9g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Kim has $24 per week in her entertainment budget. She splits her time between
going to the movies and yoga classes. Each movie costs $8 while each yoga class
costs $3. The total utility from each of these activities is set out in the table below
Movies Total Yoga
UtilityClassesUtility
Total
1
40
1
75
105
130
160
30
55
76
92
106
114
116
117
3
4
3
4
7
. What is Kim's total utility maximizing point? Hint: you can either calculate the
marginal utility per dollar spent or check which option leads to a higher total utility.
a) 0 movies, 8 yoga classes
O b) 1 movie, 5 yoga classes
c) 2 movies, 2 yoga classes
d) 3 movies, 0 yoga classes
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