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Title: The following table shows Kristine's utility from cross-country skiing and rock climbing. The price Post by: stars_and_moon on Jul 20, 2016 The following table shows Kristine's utility from cross-country skiing and rock climbing. The price of rock climbing is $5 and the price of skiing is $5. Calculate the combination of rock climbing and skiing that maximizes Kristine's utility if she has $30 to spend. Calculate the combination of rock climbing and skiing that maximizes Kristine's utility if she has $40 to spend. How does an increase in income affect Kristine's quantity demanded for rock climbing and for skiing? In this example, are rock climbing and skiing normal goods?
Hours Rock Climbing Total Utility Rock Climbing Marginal Utility Rock Climbing Marginal Utility per dollar Hours Skiing Total Utility Skiing Marginal Utility Skiing Marginal Utility per dollar 0 0 - 0 0 - 1 30 30 1 20 20 2 50 20 2 35 15 3 60 10 3 45 10 4 65 5 4 50 5 5 67 2 5 52 2 Title: Re: The following table shows Kristine's utility from cross-country skiing and rock climbing. The ... Post by: kingby on Aug 9, 2016 Content hidden
Title: Re: The following table shows Kristine's utility from cross-country skiing and rock climbing. The price Post by: stars_and_moon on Aug 17, 2016 I compared your answer with a buddy, and it matches
Thanks Title: Re: The following table shows Kristine's utility from cross-country skiing and rock climbing. The price Post by: kingby on Aug 18, 2016 Great! Now we can move on to the next one
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