Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below. What is Kim's total utility maximizing point? Movies Total Utility Yoga Classes Total Utility 10 10 40 75 105 130 160 3 4 1 13 14 5 16 17 18 O movies, 8 yoga classes 1 movie, 5 yoga classes 2 movies, 2 yoga classes 3 movies, O yoga classes 30 55 76 192 106 114 116 117
Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below. What is Kim's total utility maximizing point? Movies Total Utility Yoga Classes Total Utility 10 10 40 75 105 130 160 3 4 1 13 14 5 16 17 18 O movies, 8 yoga classes 1 movie, 5 yoga classes 2 movies, 2 yoga classes 3 movies, O yoga classes 30 55 76 192 106 114 116 117
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 3WNG
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