Suppose you are given RM500 each month to spend on meals and sports. Each meal will cost you RM5 and each sport will cost you RM2 per time you spend. Explain with a diagram to show that you have achieve an optimum consumption. Carefully derive the bundle of meals and sports at the optimum consumption point and the intercept points in your diagram. Could you able to obtain a higher optimum consumption point if your budget remains at RM500? Explain.

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A: M  spends all her income on  food and clothing. M=$2,000PF=$5PC=$20

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A: Hey, Thank you for the question. According to our policy we can only answer up to 3 sub parts per…

Q: You are choosing between two goods, X and Y, and your marginal utility from each is as shown in the…

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Q: 23

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A: Correct answer "none of the above".

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A: We are going to discuss significance of marginal utility pe dollar to answer the question.

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A: (Q) Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $5.00 and…

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A:

Q: The utility function of a consumer is u = √x + 2y. (a) Calculate how much MRS of that consumer when…

A: Utility refers to the amount of satisfaction received by a consumer from the consumption of a good…

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A:

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A: Budget = $20  Price of burger = $5 Price of pizza slice = $2