Using the following utility schedule, derive a demand curve for pizza. Assume income is $10, the price

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Using the following utility schedule, derive a demand curve for pizza. Assume income is $10, the price of each slice of pizza is $1, and the price of each glass of beer is $2. Then change the price of pizza to $2 perslice.

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Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Question Posted: Feb 08, 2013 02:29 AM

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Using the following utility schedule, derive a demand curve for pizza. Assume income is $10, the price

Question:

Slices of Pizza Total Utility 200 380 540 600 630 Glasses of Beer Total Utility 500 800 900 920 930

Step by Step Answer:

if Mary is in consumer equilibrium the MUxPx is the same for all goods MUaPa 302 15 That means that all the equations below must equal 15 MUbPb MUb4 1...View the full answer

Microeconomics An Intuitive Approach with Calculus

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