Q1. You have Rs.10. The price of samosa is Rs.1 per unit. The price of a steak sandwich is Rs.3 The utility received from consuming samosa and steak is given below. a. How many samosas and steak sandwiches should be bought to maximize utility? b. Calculate utility maximizing quantities of samosas and steak sandwiches when income equals Rs.10 and the price of beer is Rs.1 and the price of steak sandwiches is Rs.3 using the utility maximizing rule No. of TU of samosa MU of No. of steaks TU of steaks MU of steaks samosas samosa 1 15 1 24 24 2 45 32 3 63 4 39 4 75 45 5 84 47 87
Q1. You have Rs.10. The price of samosa is Rs.1 per unit. The price of a steak sandwich is Rs.3 The utility received from consuming samosa and steak is given below. a. How many samosas and steak sandwiches should be bought to maximize utility? b. Calculate utility maximizing quantities of samosas and steak sandwiches when income equals Rs.10 and the price of beer is Rs.1 and the price of steak sandwiches is Rs.3 using the utility maximizing rule No. of TU of samosa MU of No. of steaks TU of steaks MU of steaks samosas samosa 1 15 1 24 24 2 45 32 3 63 4 39 4 75 45 5 84 47 87
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 3SQP
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Transcribed Image Text:Q1. You have Rs.10. The price of samosa is Rs.1 per unit. The price of a steak sandwich is Rs.3
The utility received from consuming samosa and steak is given below.
a. How many samosas and steak sandwiches should be bought to maximize utility?
Calculate utility maximizing quantities of samosas and steak sandwiches when income equals
Rs.10 and the price of beer is Rs.1 and the price of steak sandwiches is Rs.3 using the utility
b.
maximizing rule
No. of
TU of samosa
MU of
No. of steaks
TU of steaks
MU of steaks
samosas
samosa
1
15
1
24
2
24
45
32
63
4
39
4
75
45
84
47
87
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