Michelle keeps fit by either doing yoga or Thai boxing. She has a budget of 72 per
Question:
Michelle keeps fit by either doing yoga or Thai boxing. She has a budget of £72 per month. One yoga session costs Michelle £6, and one session of Thai boxing costs her £6. Use the information in the following graphs to determine how many yoga sessions and Thai boxing sessions Michelle should join in order to maximize her utility. Explain your answer.
Transcribed Image Text:
Marginal utility of yoga Marginal utility of Thai boxing 28 24 20 16 12 48 40 32 24 16 8 0 8 4 T 012 3 T T 1 2 3 T 4 4 5 5 1 6 MU 678 7 Yoga MU (sessions per month) Thai boxing (sessions per month)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (4 reviews)
Answered By
Shadrack Mulunga
I am a Biochemistry by profession. However, I have explored different fields of study. My quest to explore new fields has helped me gain new knowledge and skills in Business, clinical psychology, sociology, organizational behavior and general management, and Project Management. I count my expertise in Project management, in particular, creation of Work Break Down Structure (WBS) and use of Microsoft Project software as one of my greatest achievement in Freelancing industry. I have helped thousands of BSC and MSC students to complete their projects on time and cost-effectively using the MS Project tool. Generally, I find happiness in translating my knowledge and expertise to success of my clients. So far, i have helped thousands of students to not only complete their projects in time but also receive high grades in their respective courses. Quality and timely delivery are the two key aspects that define my work. All those who hired my services always come back for my service. If you hire my services today, you will surely return for more. Try me today!
5.00+
154+ Reviews
289+ Question Solved
Related Book For
Principles Of Economics
ISBN: 9781292294698
13th Global Edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
Question Posted:
Students also viewed these Business questions
-
If y = f (x) = 1/4 x^8 - 1/5 x^5 + 17x, determine whether we can think of x as a function of y (on R). (Be able to explain briey why or why not.) If the answer is Yes, compute dx/dy
-
Thomas has allocated $48 per month for entertainment expenses, which he uses either to go bowling or to play billiards. One night of bowling costs Thomas $8, and one night of billiards costs Thomas...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
The following information was drawn from the 2016 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30. 2. Customers returned...
-
1. Flu vaccines are never completely effective. Therefore, not every flu vaccine is completely effective. 2. Only diamonds are a girl's best friend. Therefore, every diamond is a girl's best friend....
-
Facts Taxpayers' Data: Names Address Carl C. and Carla D. Cox 391 Virginal Place Richmond, Virginia 23224 111-01-1111 111-02-1111 SS Numbers: Carl Carla Dates of Birth: Carl Carla Marital Status...
-
One roommate believes the most important objective in setting prices for your new pet grooming business is to generate a large profit while keeping an eye on your competitors prices; the other...
-
Assume that Samsung manufactures and sells 60,000 units of a product at $11,000 per unit in domestic markets. It costs $6,000 per unit to manufacture ($4,000 variable cost per unit, $2,000 fixed cost...
-
Complete the assignment given below: Instructions: Jack, Inc. sells toy mice to high - end pet stores. The company has been in business for many years and uses the calendar year for accounting...
-
Jonas has been living in the United Kingdom for the past four years while pursuing an undergraduate degree in Economics. In each of the last four years, he has made trips back home to Germany for...
-
Kristine is a fan of both action movies and classical concerts. This month she has 480 to spend on the two activities. The original budget constraint is shown in the graph below. Let X represent...
-
Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences for those agreements executed before 2019 and remain unchanged post...
-
Gordon Rivers, the city manager of Saratoga, Florida, pitched the proposed design schedule back at Jay Andrews. Jay Andrews is the project manager for Major Design Corporation (MDC). The city of...
-
Use the data from SE3-8 to prepare the closing entries for The Decade Company. Close the temporary accounts straight to retained earnings. The balance of \(\$ 8,500\) in the retained earnings account...
-
Draw a Keynesian cross diagram to show the effects of a rise in autonomous expenditure on an economy operating below full employment output.
-
Governments in many countries are acutely aware of the environmental problems that vehicle emissions can have. Many car manufacturers are exploring the production of electric vehicles, but production...
-
Draw a simple diagram of John Woodens pyramid of success. You can find it at the official Wooden website www.coachwooden.com/index2.html.
-
How does the equity theory approach to satisfaction differ from the expectancy/disconfirmation approach?
-
As long as we can't lose any money, we have a risk-free investment." Discuss this comment. Q2: Both investing and gambling can be defined as "undertaking risk in order to earn a profit." Explain how...
-
Explain why the long-run aggregate-supply curve is vertical.
-
List and explain the three theories for why the short-run aggregate-supply curve is upward sloping.
-
What might shift the aggregate-demand curve to the left? Use the model of aggregate demand and aggregate supply to trace through the short-run and long-run effects of such a shift on output and the...
-
Jenny wanted to donate to her alma mater to set up a fund for student scholarships. If she would like to fund an annual scholarship in the amount of $6,000 and her donation can earn 5% interest per...
-
You would like to have a balance of $600,000 at the end of 15 years from monthly savings of $900. If your returns are compounded monthly, what is the APR you need to meet your goal?
-
Explain the importance of covariance and correlation between assets and understanding the expected value, variance, and standard deviation of a random variable and of returns on a portfolio.
Study smarter with the SolutionInn App