Homework Answers
Total Budget = $23
Each Movie cost = $8
Each Yoga class cost = $3
Step – 1 Calculate the Marginal utility of both Movies and Yoga Classes
Step – 2 Calculate the MU per dollar of both movies and yoga classes
MU per dollar = MU/Price
The following tables shows the calculations.
|
Movies |
Total Utility |
Marginal Utility |
MU/Price (P = $8) |
Yoga Classes |
Total Utility |
Marginal Utility |
MU/Price (P = $3) |
|
0 |
0 |
0 |
0 |
0 |
0 |
||
|
1 |
40 |
40 |
5 |
1 |
30 |
30 |
10 |
|
2 |
75 |
35 |
4.375 |
2 |
55 |
25 |
8.333333333 |
|
3 |
105 |
30 |
3.75 |
3 |
75 |
20 |
6.666666667 |
|
4 |
130 |
25 |
3.125 |
4 |
92 |
17 |
5.666666667 |
|
5 |
160 |
30 |
3.75 |
5 |
106 |
14 |
4.666666667 |
|
6 |
114 |
8 |
2.666666667 |
||||
|
7 |
116 |
2 |
0.666666667 |
||||
|
8 |
117 |
1 |
0.333333333 |
The equilibrium condition = MU/Price of Movies = MU/Price of Yoga Classes.
This equilibrium condition also should equal to the budget of the consumers.
At ONE unit of movie and at FIVE units of yoga clsses the equilibrium condition is fullfilled and the expenditure is also equal to the budget.
One unit of Movie = 01*$8 = $8
Five units of Yoga clsses = 5*$3 = $15
Total expenditure = $8+$15 = $23
This also equal to the given budget of the individual.
Answer – ONE MOVIE , FIVE YOGA CLASSES.
If we take other given combinations
Two unit of Movie = 02*$8 = $16
Two units of Yoga clsses = 2*$3 = $6
Total expenditure = $16+$6 = $22
No full use of resources.
Two unit of Movie = 03*$8 = $24
Zero units of Yoga clsses = 0*$3 = $0
Total expenditure = $24+$0 = $24
We have a budget of $23. Hence we cannot go to this combination.
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