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Author Question: George has a $600 annual entertainment budget that he uses to buy trips to the movies and dinners at ... (Read 116 times)

Jkov05

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George has a $600 annual entertainment budget that he uses to buy trips to the movies and dinners at local restaurants. The figure above shows indifference curves and budget lines for these two goods. The price of a movie is $15.
a.   Along budget line BL1, what is the price of a dinner?
b.   What combination of dinners and movies will George select along budget line BL1?
c.   Budget line BL2 represents a change in the price of dinners from that along BL1. What is the new price of dinners along this budget line?
d.  What combination of dinners and movies will George select along budget line BL2?
e.   Use the information in this problem to give two points on George's demand curve for dinners.


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Marked as best answer by Jkov05 on May 24, 2019

vseab

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