Refer to the information provided in table below. a. If the price of a cinema ticket is 20 TL, the price of a concert ticket is 40 TL and the income is 120 TL, draw the budget line. b. Find marginal utility for each consumption level for both products and show your work in Table. c. Find the utility maximizing level of consumption bundle if the income of the consumer is 120 TL. Show the utility maximizing level of consumption for each product on the table. Explain your answer by stating the utility maximizing rule.

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Chapter1: Making Economics Decisions
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Refer to the information provided in table below. a. If the price of a cinema ticket is 20 TL, the price of a concert ticket is 40 TL and the income is 120 TL, draw the budget line. b. Find marginal utility for each consumption level for both products and show your work in Table. c. Find the utility maximizing level of consumption bundle if the income of the consumer is 120 TL. Show the utility maximizing level of consumption for each product on the table. Explain your answer by stating the utility maximizing rule.
MU/P for
Number of Cinema Tickets
Total Utility
Marginal Utility
Price of a Cinema Ticket
Cinema Tick
1
140
2
240
3
330
4
400
5
440
6
470
MU/P for
Number of Concert Tickets
Total Utility
Marginal Utility
Price of a Concert Ticket
Concert Tick
1
240
2
440
3
600
4
720
80
6
850
Transcribed Image Text:MU/P for Number of Cinema Tickets Total Utility Marginal Utility Price of a Cinema Ticket Cinema Tick 1 140 2 240 3 330 4 400 5 440 6 470 MU/P for Number of Concert Tickets Total Utility Marginal Utility Price of a Concert Ticket Concert Tick 1 240 2 440 3 600 4 720 80 6 850
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