PLEASE SOLVE CORRECTLY AND ALL 3 PARTS A B C

Cedric loves to go on Snowboarding trips. Going on a Snowboarding trip costs Cedric a total of $46 per trip. Cedric also loves to go to Bluegrass concerts. Going to a concert costs Cedric a total of $29 per concert. Cedric must allocate his monthly entertainment budget carefully, and has evaluated how much satisfaction, measured in utils, he obtains from each Snowboarding trip and each Bluegrass concert visit. Cedric's total utility from each activity is independent of the amount of the other activity he engages in. Cedric has an entertainment budget of $254. Visit Number Total Utils Total Utils Marginal Utils Marginal Utils (Snowboarding) (Bluegrass) (Snowboarding) (Bluegrass) 1 2 3 4 5 6 7 102 192 272 344 410 472 532 92 182 244 294 334 366 392 102 90 80 72 66 62 60 92 76 62 50 40 32 26 Marginal Marginal Utils/S Utils/S (Snowboarding) (Bluegrass) 2.22 3.17 1.96 2.62 1.74 2.14 1.57 1.74 1.43 1.38 1.35 1.1 1.3 0.9 Suppose that the price of a Bluegrass concert falls to $27 from $29. The income budget remains at $254. Visits past 7 will not give any extra utility. a) Compute Cedric's original equilibrium (before the price change). Original number of Snowboarding trips Original number of Bluegrass concerts 0 0 = b) Fill out the table for the new MU/P for Bluegrass 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. Visit Number 1 2. 3 4 5 6 7 Marginal Bluegrass Utils per s 0 0 0 0 0 0 0 c) Compute Cedric's new equilibrium (after the price change). New number of Snowboarding trips = 0 New number of Bluegrass concerts = 0