How will increase in price change decision making, Microeconomics

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How will increase in price change decision making

you have $2000 to spend on entertainment this year. The price of a day trip (T)is $40 and the price of pizza and a movie (M) is $ 20. Suppose that your utility function is T1/3 and M2/3. (a) what combination of T and M will you choose? (b) suppose that the price of day trip rises to $80. How will this change your decision making?

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Microeconomics: How will increase in price change decision making

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Recent Questions Asked Microeconomics

Q : Find out the market demand function for commodity

Q : Sales revenue under worst case scenario

Q : Determine break-even sales dollars

Q : Partnership business structure over a corporation

Q : How will increase in price change decision making

Q : Straight line and unit of output methods

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How will increase in price change decision making

Reference No:- TGS040066

Recent Questions Asked Microeconomics

Q : Find out the market demand function for commodity

Q : Sales revenue under worst case scenario

Q : Determine break-even sales dollars

Q : Partnership business structure over a corporation

Q : How will increase in price change decision making

Q : Straight line and unit of output methods

Q : Meaning and components of financial reporting system

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Q : Determininig the various kinds of budgets

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