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{"ops":[{"insert":"Jerry has $12 a week to spend on yogurt and maga\ufffezines. The price of yogurt is $2, and the price of a\nmagazine is $4.\u00a0\n1. List the combinations of yogurt and magazines\nthat Jerry can afford. Draw a graph of Jerry\u2019s\nbudget line with the quantity of magazines plotted\non the x-axis.\n2. Describe how Jerry\u2019s consumption possibilities\nchange if, other things remaining the same, (i) the\nprice of a magazine falls and (ii) Jerry\u2019s income\nincreases.\nUse the following data to work Problems 3 to 9.\nMax enjoys windsurfing and snorkeling. Max has $35 a\nday to spend, and he can spend as much time as he\nlikes on his leisure pursuits. The price of renting equip\ufffement for windsurfing is $10 an hour and for snorkeling\nis $5 an hour. The table shows the total utility Max gets\nfrom each activity.\nTotal Total\nHours utility from utility from\nper day windsurfing snorkeling\n1 120 40\n2 220 76\n3 300 106\n4 360 128\n5 396 140\n6 412 150\n7 422 158\n3. Calculate Max\u2019s marginal utility from windsurf\ufffeing at each number of hours per day. Does Max\u2019s\nmarginal utility from windsurfing obey the prin\ufffeciple of diminishing marginal utility?\n4. Calculate Max\u2019s marginal utility from snorkeling\nat each number of hours per day. Does Max\u2019s\nmarginal utility from snorkeling obey the princi\ufffeple of diminishing marginal utility?\n5. Which does Max enjoy more: his 6th hour of\nwindsurfing or his 6th hour of snorkeling?\nUtility-Maximizing Choice (Study Plan 8.2)\n6. Make a table that shows the various combinations\nof hours spent windsurfing and snorkeling that\u0000\n"}]}

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