only part 3 question C and D Ashwin likes to spend her spare time in summer in one of two ways:(i) watching cricket (x) at Sydney Cricket Ground or(ii) watching movies (y) at Ritz cinema.In choosing how to entertain herself, she considers both constraints---money and time.Part IAshwin has 48 hours of spare time in a month. A cricket game runs for 8 hours, while eachvisit to the movies takes up 4 hours. Each month, Ashwin also has $324 to spend onentertainment. A ticket for a cricket game costs $45. A visit to the movie costs $36.(a) Write down Ashwin's budget constraint and time constraint.(b) Draw Ashwin's budget constraint and time constraint in a clearly labelled diagram. Labelall axis intercepts in the two axes (x and y) and the point of intersection of the two budgetlines. Shade the set of bundles that Ashwin can afford (those satisfying both his time andmoney constraints) with vertical lines.Part IISam---a friend of Ashwin--has the same amount of spare time (48 hours per month) andsame amount of money to spend on entertainment ($324 per month). He faces the sameconstraints as Ashwin. However, Ashwin and Sam have slightly different preferences overcricket (x) and movies (y).Sam's, utility function: U(xx) = x+y+Ashwin's utility function: V(xx) = min{x,y}Each maximizes their own utility.a) What is/are the utility maximizing bundle/s for Sam?<b) What is/are the utility maximizing bundles for Ashwin?Part III →To attract cricket fans back after Covid as well as to cover revenue shortfall, the local cricketassociation has decided to offer a season ticket for $144. Tickets are now NO LONGER soldseparately for each game (i.e., the season ticket is the only option if one wants to watchcricket at SCG). With the season ticket Ashwin can watch as many cricket games as hewants.(c) Draw Ashwin's new budget constraint for money, and shade in his new affordable set ofbundles with horizontal lines. <(d) Is Sam better off or worse off with the introduction of season ticket? What about Ashwin? <H

The budget-constrained is the limitation of affordability of purchasing products to satisfy the…

To attract cricket fans back after Covid as well as to cover revenue shortfall, the local cricket association has decided to offer a season ticket for $144. Tickets are now NO LONGER sold separately for each game (i.e., the season ticket is the only option if one wants to watch cricket at SCG). With the season ticket Ashwin can watch as many cricket games as he wants. (c) Draw Ashwin's new budget constraint for money, and shade in his new affordable set of bundles with horizontal lines. (d) Is Sam better off or worse off with the introduction of season ticket? What about Ashwin?

To attract cricket fans back after Covid as well as to cover revenue shortfall, the local cricket association has decided to offer a season ticket for $144. Tickets are now NO LONGER sold separately for each game (i.e., the season ticket is the only option if one wants to watch cricket at SCG). With the season ticket Ashwin can watch as many cricket games as he wants. (c) Draw Ashwin's new budget constraint for money, and shade in his new affordable set of bundles with horizontal lines. (d) Is Sam better off or worse off with the introduction of season ticket? What about Ashwin?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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