5. Bob budgets $24 a week for entertainment. He splits his time between going to the movies and going to the gym. Based upon the information contained below, find Bob's utility maximizing point. First: Complete the budget constraint. (Determine what combinations are possible.) Income: $24 Movie Price: $6 Gym Session Price: $3 Movies Gym Sessions Second: Complete this chart and use it to determine the utility maximizing point. Total MU MU Utility Gym Total MU MU per $ Movies per $ Visits Utility 0. 0. 30 50 55 85 3. 76 3 115 4 92 4. 107 103 5. 111 6. 114 7 115

Q: Question 1 Maria spends all of her income of $2,000 on food (F) and clothing (C). The prices per…

A: M  spends all her income on  food and clothing. M=$2,000PF=$5PC=$20

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A:

Q: Question 3 Mrs. Griffiths earns $5000 a week and spends her entire income on dresses and handbags,…

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A: (Q) Maria spends all of her income of $2,000 on food (F) and clothing (C). The prices per unit are:…

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A: marginal utility measures the additional utility attained when an additional unit is consumed.

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A:

Q: Question 1 Andrea has a budget of £21 to spend on toothbrushes and tooth paste. He does not receive…

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Q: budget constraint, with movies on the x-axis and yoga on the y-axis.

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