b) Fill out the table for the new MU/P for Jazz concerts (after the price change). Keep as much precision as possib answer should be accurate to at least two decimal places. Visit Number Marginal Jazz Utils per $ 3.23 2.71 2.26 1.87 1.55 1.29 1.1 c) Compute Kevin's new equilibrium (after the price change). New number of Ski trips = New number of Jazz concerts =Kevin loves to go on Ski trips. Going on a Ski trip costs Kevin a total of $40 per trip. Kevin also loves to go to Jazz concerts. Going to a concert costs Kevin a total of $23 per concert. Kevin must allocate his monthly entertainment budget carefully, and has evaluated how much satisfaction, measured in utils, he obtains from each Ski trip and each Jazz concert visit. Kevin's total utility from each activity is independent of the amount of the other activity he engages in. Kevin has an entertainment budget of $235. Visit Number Total Utils Total Utils Marginal Utils Marginal Utils Marginal (Ski) (Jazz) (Ski) Marginal (Jazz) Utils/$ (Ski) Utils/$ (Jazz) 110 100 110 100 2.75 206 4.35 196 96 84 2.4 3.65 290 266 84 70 2.1 3.04 364 324 74 58 1.85 2.52 430 372 66 48 1.65 2.1 490 412 60 40 1.5 1.74 546 446 56 34 1.4 1.48 Suppose that the price of a Jazz concert increases to $31 from $23. The income budget remains at $235. Visits past 7 will not give any extra utility. a) Compute Kevin's original equilibrium (before the price change). Original number of Ski trips = UI N Original number of Jazz concerts = b) Fill out the table for the new MU/P for Jazz concerts (after the price change). Keep as much precision as possible during your calculations. Your final answer should be accurate to at least two decimal places. Marginal Jazz Visit Number Utils per $ 3.23 2.71 2.26