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stars_and_moon stars_and_moon
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Posts: 3218
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7 years ago
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
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kingbykingby
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#1
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7 years ago
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#2
7 years ago
I compared your answer with a buddy, and it matches

Thanks
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#3
7 years ago
Great! Now we can move on to the next one
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