Reference no: EM13182624
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
1
80
40
2
60
36
3
40
30
4
30
10
5
20
5
6
10
2
7
6
1
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?
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