Tom's monthly budget constraint 20 Number of hamburgers per month Refer to Figure below to answer, Assume Tom is on budget constraint AC and the price of a hamburger is $4.00. Tom's monthly income is Refer to Figure below to answer. Along budget constraint AC, the opportunity cost of one hamburger is Assume Tom's budget constraint is AC. He will have leftover income if he purchases the bundle represented by point Number of hot doge guo d

Tom's monthly budget constraint 20 Number of hamburgers per month Refer to Figure below to answer, Assume Tom is on budget constraint AC and the price of a hamburger is $4.00. Tom's monthly income is Refer to Figure below to answer. Along budget constraint AC, the opportunity cost of one hamburger is Assume Tom's budget constraint is AC. He will have leftover income if he purchases the bundle represented by point Number of hot doge guo d

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a) The s utility function is given as follows: U(z,y) = x+y The budget-constrained of 8 in spending money on the watching cricket match and movies as follows: 845x + 36y= 324 Now the utility function for finding the optimal bundle of preferences The bundle of a and y is under budget Now the Bundle of (x, y) is (2, 2) 45(2) 36(1) 45x + 36y= 324 36(2) 324 324 162 < 324 The MRS is one means to get an additional unit of zone unit of y will sacrifice and to get one additional unit of y, one unit of z will sacrifice. The budget line explain if (x, y) is (1, 1) 45(1) then = 324 $81 < 324 Now the Bundle of (x, y) is (3, 3) 90+72 Now the Bundle of (x, y) is (4,4) 45x+36y 324 45(3) 36(3) 324 135+108 324 243 < 324 = U(x, y) = x+y dU 45x + 36y= 324 45(4) 36(4) 324 180+144 324 324 324 = 1 dz MU2=1 du dy MUy=1 MRS MUT Pz MUY Py MRS=1 =1 MU MUy So the optimal bundle for S is 4 unit of z and 4 unit of y that is (4,4).