Could you please assist Q1. Terin works as a motor car mechanic and earns K1200/fortnight. Assuming he strictly allocates his income between food and clothes. The average food consumption price is K12/kg per fortnight and average clothes purchasing price is K20/piece per fortnight. iv. V. Complete the budget schedule below. Baskets/Combinations Food/kg fortnight Cloth pieces/fortnight A 0 B 12 C 24 D 36 E 48 F 60 Assuming the price of food fell to K8/kg per fortnight while the income, price and quantity of clothes purchased remained unchanged (as in 6iii above). Draw a new schedule showing this change. Draw a budget line for the budget schedules (6iii &iv) above and label correctly.

Could you please assist Q1. Terin works as a motor car mechanic and earns K1200/fortnight. Assuming he strictly allocates his income between food and clothes. The average food consumption price is K12/kg per fortnight and average clothes purchasing price is K20/piece per fortnight. iv. V. Complete the budget schedule below. Baskets/Combinations Food/kg fortnight Cloth pieces/fortnight A 0 B 12 C 24 D 36 E 48 F 60 Assuming the price of food fell to K8/kg per fortnight while the income, price and quantity of clothes purchased remained unchanged (as in 6iii above). Draw a new schedule showing this change. Draw a budget line for the budget schedules (6iii &iv) above and label correctly.

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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DmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...
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