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Question 1 [18 points] Josh loves to go on Zoo trips. Going on a 200 trip costs Josh a total of $52 per trip. Josh

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Question 1 [18 points] Josh loves to go on Zoo trips. Going on a 200 trip costs Josh a total of $52 per trip. Josh also loves to go to Jazz concerts. Going to a concert costs Josh a total of $30 per concert. Josh must allocate his monthly entertainment budget carefully, and has evaluated how much satisfaction, measured in utils, he obtains from each Zoo trip and each Jazz concert visit. Josh's total utility from each activity is independent of the amount of the other activity he engages in. Josh has an entertainment budget of $380. Suppose that the price of a Jazz concert increases to $34 from $30. The income budget remains at $380. \\sits past 7 will not give any extra utility. a) Compute Josh's original equilibrium (before the price change). Original number of Zoo trips = I Original number of Jazz concerts = I 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 nal answer should be accurate to at least two decimal places. c) Compute Josh's new equilibrium (after the price change). New number of 200 trips = I New number of Jazz concerts =

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