Question
Urrently, Homer buys 7 donuts and 5 candy bars each week. Buying 7 donuts a week...
urrently, Homer buys 7 donuts and 5 candy bars each week. Buying 7 donuts a week gives Homer a marginal utility per dollar of 8.2. Buying 5 candy bars a week gives him a marginal 1. utility per dollar of 7.1. To maximize his total utility, should Homer increase his consumption of donuts? (1 pt.) When Marge created her budget, she allocated $56 of her income to be used towards apple and pumpkin pie. Assume the price of apple pie is $7 and the price of pumpkin pie is $8. (3 pts.) a. Draw Marge's budget line. Label both axes and both intercepts 2. b. Assume the price of apple pie increases to $8. Add the new budget line to the graph drawn in part a
Answers
home buys 7 donuts &5 Candy baus MU14-8.2 [ror donuts] MU/8 = 7.1 [fors Candy] To max. his total wility, consum mondomab and less candy unless Mu/s from both donuts & candy becomes eque. Gas -7 4 Pp = 8 Income =56 Apple Initial budget lin Final Budget le pumpkins 6) 26 luie of Apple pie increars to $8
![home buys 7 donuts &5 Candy baus MU14-8.2 [ror donuts] MU/8 = 7.1 [fors Candy] To max. his total wility, consum mondomab and](https://i.imgur.com/w0sYmJP.png)
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