List the combinations of hours spent playing golf and, Ask an Expert

Economics

Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. The table shows Cindy's marginal utility from each sport.

Hours per month

Marginal utility from golf

Marginal utility from tennis

a. When Cindy has $70 to spend on golf and tennis, how many hours of golf and how many hours of tennis does she play to maximize her utility?

b. Compared to part (a), if Cindy spent a dollar more on golf and a dollar less on tennis, by how much would her total utility change?

c. Compared to part (a), if Cindy spent a dollar less on golf and a dollar more on tennis, by how much would her total utility change?

2. Cindy's tennis club raisesits price of an hour of tennis to $10. The price of golf remains at $10 an hour and Cindy continues to spend $70 on tennis and golf.

a. List the combinations of hours spent playing golf and tennis that Cindy can now afford.

b. along with the combinations in part (a), list Cindy's marginal utility per dollar from golf and from tennis

c. How many hours does Cindy now spend playing golf and how many hours does she spend playing tennis?

View complete question

Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9472715

Have any Question?Write your Review or question?

Related Questions in Macroeconomics

Question at the farmers market in irvine california the

Question: At the farmer's market in Irvine, California, the price of avocados is set at $3 each. At that price, 120 avocados are supplied but only 100 are purchased. Represent this on a supply and demand graph and answer ...

Question - suppose the demand curve for a product is given

Question - Suppose the demand curve for a product is given by Q = 19 - 1P + 2Ps Where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.40. Suppose P = 0.60. W ...

Question suppose you are the chief executive officer of a

Question: Suppose you are the chief executive officer of a small pharmaceutical company that manufactures generic aspirin. You want the company to maximise its profits. You can sell as many aspirins as you make at the pr ...

Question - a 1000 utility bond with 14 years remaining

Question - A $1000 utility bond with 14 years remaining before maturity can now be purchased for $760. It pays interest of $20 each 6-month period. What rate of return is earned by purchasing the bond at the current mark ...

Question 1 true or xfalse1 opportunity cost is the cost for

Question: 1. (True) or X(False) 1. Opportunity cost is the cost for obtaining an opportunity. 2. Positive economics is an economic activity for positive results. 3. Beef and chicken are Normal Goods. 4. Peanut Butter and ...

Question - a small island nation is endowed with

Question - A small island nation is endowed with indestructible coconut trees. These trees live forever and no new trees can be planted. Every year $1 million worth of coconuts fall off the trees and can be eaten locally ...

Question according to your textbook in the aggregate supply

Question: According to your textbook in the Aggregate Supply (AS) theory an increase in output leads to an increase in the price level. What is the assumed causality? Explain why this should be considered flawed? The res ...

Question when using ols we assume that the errors are

Question: When using OLS, we assume that the errors are independent (i.e., not serially correlated) and normally distributed with constant variance (i.e., homoscedastic). These assumptions allow us to use the F and t dis ...

Question the united states of americas national minimum

Question: The United States of America's national minimum wage is currently at $7.25 per hour for most occupations in the private sector. Over the past several years, support for an increase in the minimum wage has come ...

Question jones is one of 100000 corn farmers in a perfectly

Question: Jones is one of 100,000 corn farmers in a perfectly competitive market. What will happen to the price she can charge if: a. The rental price on all farmland increases as urbanization turns increasing amounts of ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Macroeconomics Expert