Top Posters
Since Sunday
p
4
h
4
c
4
d
3
3
c
3
t
3
u
3
A
3
B
3
j
3
s
3
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
Tidy Tidy
wrote...
Go to Answer
Posts: 4852
Rep: 38 0
9 years ago
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.
Textbook 
Essentials of Economics

Essentials of Economics


Edition: 4th
Authors:
Read 658 times
2 Replies
Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face
Replies
Answer verified by a subject expert
Chimelo46Chimelo46
wrote...
#1
Top Poster
Posts: 5641
Rep: 449 0
9 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

wrote...
#2
8 years ago
The textbook reference in your signature really helped me narrow it down.

Happy to help Wink Face
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1196 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 755
  
 59
  
 2625
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 405
Previous poll results: What's your favorite math subject?