If the price of a rises to 4 while other prices and daniels, Ask an Expert

Economics

Daniel allocates his budget of 24 per week among three goods. Use the following table of marginal utilities for good A, good B, and good C to answer the questions below

QA 1, 2, 3,4,5

MUA 50, 40, 30, 20, 15

QB 1,2,3,4,5

MUB 75, 60, 40, 30, 20

QC 1,2,3,4,5

MUC 25, 20,15, 10, 7.5

A. If the price of A is 2, the price of B is 3 and the price of C is 1 How much or each does Daniel purchase in equilibrium?

b. If the price of A rises to 4 while other prices and Daniel's budget remain unchanged, how much or each does he purchase in equilibrium?

c. Using the information from parts (a) and (b), draw the demand curve for a good A Be sure to indicate the price and quantity demanded for each point on the curve.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9450111

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