economic tutor

CLASS ASSIGNMENTS Josie has a fixed budget of $20, and she spends it all on two goods, tomatoes and potatoes. The price of tomatoes is $2 per unit, and the price of potatoes is $4 per unit. The table below shows the total benefit, measured in dollars, Martha receives from the consumption of each good. Quantity of Total Benefit from Quantity of Total Benefit from Tomatoes Tomatoes Potatoes Potatoes 0 SO 1 $10 $16 2 $18 2 $28 3 $24 3 $36 4 $28 4 $40 $30 $41 What is Josie's marginal benefit of the fourth unit of tomatoes? The second unit of potatoes? b, Calculate the total benefit is Josie consumes 3 unit of tomatoes and I unit of potato? C. If Josie consumes 2 unit of tomatoes and 4 units of potatoes, is this a utility maximizing combination? d. What is Josie's optimal consumption of tomatoes and potatoes given her budget? Cindy has $70 a month to spend on sport activities, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $20, and the price of an hour of tennis is $10. The table shows Cindy's marginal utility from each sport. Hours Marginal Utility Marginal Utility per month from Golf from Tennis 60 40 W N 50 36 40 30 30 10 20 5 10 2 6 If Cindy spends all her money playing golf, how many hours of golf can she afford? What will be her total utility? b. If Cindy spends all her money playing tennis, how many hours of tennis can she afford? What will be her total utility? C. What are the marginal utilities per dollar from playing golf and tennis for the various hours per month played? d. How many hours of golf and tennis should Cindy play to maximize her utility given her budget? e. Explain why, if Cindy equalized the marginal utility per hour of golf and tennis, she would not maximize her utility? f. Cindy's tennis club raises its price of an hour of tennis from $10 to $15, other things remaining the same, how many hours does Cindy now spend playing golf and tennis that maximizes her utility? Are there any left over money? g. Cindy loses her math tutoring job and the amount she has to spend on golf and tennis falls from $70 to $40 a month. With the price of an hour of golf at $20 and of tennis at $10, calculate the change in the hours she spends playing golf. For Cindy, is golf and tennis a normal good or an inferior good