4. Suppose your preferences are reflected in the indifference map shown. A burger costs $100 and a slice of pizza sells for $50. You have a food budget of $500 per week. a) How many burgers and slices of pizza will you consume in a typical week? Explain your choice. b) Demonstrate the effect on your consumption choice if pizza falls in price.
4. Suppose your preferences are reflected in the indifference map shown. A burger costs $100 and a slice of pizza sells for $50. You have a food budget of $500 per week. a) How many burgers and slices of pizza will you consume in a typical week? Explain your choice. b) Demonstrate the effect on your consumption choice if pizza falls in price.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 4SQP
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