Answer to Question #131491 in Microeconomics for Celina diaram

Question

Anna consumes two goods: cricket games and fries. Her income is $60, the price of cricket games is
$20, and the price of a serving of fries is $10. Consider this table of marginal utilities:
Quantity MU from cricket
games

MU from fries

1 200 100
2 150 75
3 100 50
4 50 20
5 25 10
6 20 5

a) Complete the table above. [2 marks]

b) What is the Anna’s opportunity cost of going to a cricket game? [2 marks]

c) Suppose that you consumed 1 football game and 4 servings of fries. Why is this not the
equilibrium? [3 marks]

d) What is the equilibrium

Answer 1

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