Pants Belts Marginal utility 220 180 140 100 60 Quantity 1 Quantity 1 Marginal utility 85 65 3 3 45 4 4 5 25 15 O Tris is shopping for pants and belts. He has a budget of $100. The price of a pair of pants is $20 and the price of a belt is $5. His marginal utility schedules are above. What combination of pants and belts does Tris buy? Explain your answer. O Why do consumers prefer higher indifference curves (farther to the right) to lower indifference curves?
Pants Belts Marginal utility 220 180 140 100 60 Quantity 1 Quantity 1 Marginal utility 85 65 3 3 45 4 4 5 25 15 O Tris is shopping for pants and belts. He has a budget of $100. The price of a pair of pants is $20 and the price of a belt is $5. His marginal utility schedules are above. What combination of pants and belts does Tris buy? Explain your answer. O Why do consumers prefer higher indifference curves (farther to the right) to lower indifference curves?
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 8SQP
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Question
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![Question 1
Pants
Belts
Marginal
utility
Marginal
utility
Quantity
Quantity
1.
220
1
85
2
180
65
3
140
3
45
4
100
4
25
5
60
5
15
a) Tris is shopping for pants and belts. He has a budget of $100. The price of a pair of
pants is $20 and the price of a belt is $5. His marginal utility schedules are above.
What combination of pants and belts does Tris buy? Explain your answer.
b) Why do consumers prefer higher indifference curves (farther to the right) to lower
indifference curves?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa01e3092-4f90-497f-a1ae-a475dc2c021c%2F389e92c8-5249-4276-b13a-c57d41ba3500%2Fvpkzqwh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 1
Pants
Belts
Marginal
utility
Marginal
utility
Quantity
Quantity
1.
220
1
85
2
180
65
3
140
3
45
4
100
4
25
5
60
5
15
a) Tris is shopping for pants and belts. He has a budget of $100. The price of a pair of
pants is $20 and the price of a belt is $5. His marginal utility schedules are above.
What combination of pants and belts does Tris buy? Explain your answer.
b) Why do consumers prefer higher indifference curves (farther to the right) to lower
indifference curves?
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