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Title: The Wong family consumes 3 pounds of fish and 5 pounds of chicken per month. The price of fish is $8 Post by: Tidy on Jun 21, 2015 The Wong family consumes 3 pounds of fish and 5 pounds of chicken per month. The price of fish is $8 per pound and chicken is $4 per pound.
a. What is the amount of income allocated to fish and chicken consumption? b. What is the price ratio (the price of fish relative to the price of chicken)? c. Explain the meaning of the price ratio you computed. d. If the Wongs maximize utility, what is the ratio of the marginal utility of fish to the marginal utility of chicken? e. If the price of chicken rises, will the Wong family consume more chicken, less chicken or the same amount of chicken? Explain your answer using the rule of equal marginal utility per dollar. Title: Re: The Wong family consumes 3 pounds of fish and 5 pounds of chicken per month. The price of fish i Post by: Chimelo46 on Jul 30, 2015 Content hidden
Title: Re: The Wong family consumes 3 pounds of fish and 5 pounds of chicken per month. The price of fish is $8 Post by: Chimelo46 on Aug 31, 2015 The textbook reference in your signature really helped me narrow it down.
Happy to help ;) |