21. Ted has 14 hours per week to spend on watching movies and going to the gym. Each movie takes 2 hours and each gym visit takes 2 hours. The accompanying table shows Ted's utilities from both going to the gym and watching a movie. Quantity of gym visits per week 1 Utility from gym visits Quantity of movies per week Utility from movies 100 1 60 234 180 240 23 110 150 280 310 180 190 195 197 330 340 a. Which bundles of gym visits and movies can Damien consume per week if he spends all his time either going to the gym or watching movies? Please list ALL possible bundles b. Illustrate Ted's budget line with gym visits on the horizontal axis and movies on the vertical axis c. Find the marginal utilities and marginal utilities per hour spend on both movies and going to the gym
21. Ted has 14 hours per week to spend on watching movies and going to the gym. Each movie takes 2 hours and each gym visit takes 2 hours. The accompanying table shows Ted's utilities from both going to the gym and watching a movie. Quantity of gym visits per week 1 Utility from gym visits Quantity of movies per week Utility from movies 100 1 60 234 180 240 23 110 150 280 310 180 190 195 197 330 340 a. Which bundles of gym visits and movies can Damien consume per week if he spends all his time either going to the gym or watching movies? Please list ALL possible bundles b. Illustrate Ted's budget line with gym visits on the horizontal axis and movies on the vertical axis c. Find the marginal utilities and marginal utilities per hour spend on both movies and going to the gym
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 3SQP
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