Principles of Microeconomics California Edition 2nd Edition
2nd Edition
ISBN: 9780393622089
Author: Dirk Mateer, Lee Coppock
Publisher: W. W. Norton
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Chapter 16, Problem 7SP
To determine
The impact of increasing the price of a good.
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How does a consumer’s optimal choice of goods change if all prices and the consumer’s income double?
how do I illustrate an increase in a price of an item resulting in consumers buying another item
Dave currently consumes 10 hot dogs and 6 sodas each week. At his current consumption basket, his marginal utility for hot dogs is 5 and his marginal utility for sodas is 3.
If the price of one hot dog is $1 and the price of one soda is $0.50, is Dave currently maximizing his utility? If not, how should he reallocate his spending to increase utility?
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Principles of Microeconomics California Edition 2nd Edition
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