Pants Belts Marginal utility 220 180 140 100 60 Quantity 1 Quantity 1 Marginal utility 85 65 3 3 45 4 4 5 25 15 O Tris is shopping for pants and belts. He has a budget of $100. The price of a pair of pants is $20 and the price of a belt is $5. His marginal utility schedules are above. What combination of pants and belts does Tris buy? Explain your answer. O Why do consumers prefer higher indifference curves (farther to the right) to lower indifference curves?
Pants Belts Marginal utility 220 180 140 100 60 Quantity 1 Quantity 1 Marginal utility 85 65 3 3 45 4 4 5 25 15 O Tris is shopping for pants and belts. He has a budget of $100. The price of a pair of pants is $20 and the price of a belt is $5. His marginal utility schedules are above. What combination of pants and belts does Tris buy? Explain your answer. O Why do consumers prefer higher indifference curves (farther to the right) to lower indifference curves?
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 6SQP
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