When Cindy's income is $70 a month, the price of an hour of golf is $10 and the price of an hour of tennis is $5, Cindy plays golf for 5 hours a month and plays tennis for 4 hours a month. Then Cindy loses her math tutoring job and the amount she has to spend on golf and tennis falls from $70 to $35 a month. How many hours does Cindy now spend playing golf? For Cindy, is golf a normal good or an inferior good? How many hours does Cindy now spend playing tennis? For Cindy, is tennis a normal good or an inferior good? Hours per month Marginal utility Marginal utility from golf from tennis 1 80 40 2 60 36 40 30 4 30 10 5 20 6 10 7 6 1 To maximize her total utility, the number of hours that Cindy spends golfing is

When Cindy's income is $70 a month, the price of an hour of golf is $10 and the price of an hour of tennis is $5, Cindy plays golf for 5 hours a month and plays tennis for 4 hours a month. Then Cindy loses her math tutoring job and the amount she has to spend on golf and tennis falls from $70 to $35 a month. How many hours does Cindy now spend playing golf? For Cindy, is golf a normal good or an inferior good? How many hours does Cindy now spend playing tennis? For Cindy, is tennis a normal good or an inferior good? Hours per month Marginal utility Marginal utility from golf from tennis 1 80 40 2 60 36 40 30 4 30 10 5 20 6 10 7 6 1 To maximize her total utility, the number of hours that Cindy spends golfing is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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