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MANAGERIAL ECONOMICS Instructions Michelle and Janice are both consumers of burgers and fries, but Michelle has P800 and Janice has P400. The price of the

MANAGERIAL ECONOMICS

Instructions

Michelle and Janice are both consumers of burgers and fries, but Michelle has P800 and Janice has P400. The price of the burger is P20 and the fries is P40

  • Draw the possible budget lines for both persons. Use the prices of burgers and fries in the discussion.
  • Explain how the difference in their budget would affect the following:
    • Their behavior in making choices. Who will have more freedom of choice and why?
    • Their level of satisfaction for the goods. Who will have more utility and why?

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