Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help !! Taylor's marginal utility from watching movies and marginal utility from eating out each month in utils are represented in the following

I need help !!

image text in transcribed
Taylor's marginal utility from watching movies and marginal utility from eating out each month in utils are represented in the following table. The price per movie is $10 and the price per dinner is $20. Marginal Marginal Movies per Utility from Marginal Utility Per Eating Out Marginal Utility per Utility from Month Watching Dollar per Month Dollar Eating Out Movies 1 60 160 2 50 2 140 3 20 3 120 4 10 100 Fill in the empty spaces in the above table. Please enter your answer noric responses with no identifiers (ie. 2 not "2 utils/dollar" or "Two") Assume Taylor has a monthly budget of $100 to spend eating out and watching movies, what is her optimal combination of these two goods that maximizes her utility subject to her budget constraint. Please enter your answer as a single number with no words (ie. 3 not "3 times" or "Three dinners") How many times should Taylor go to the movies each month? How many times should Taylor go out for dinner each month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

What Every Environmentalist Needs To Know About Capitalism

Authors: Fred Magdoff, John Bellamy Foster

1st Edition

1583672419, 9781583672419

More Books

Students also viewed these Economics questions

Question

6. Focus on one idea at a time, and avoid digressions.

Answered: 1 week ago