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The price of cappuccino relative to price of apple turnover

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Reference no: EM13977339

Eliza consumes 12 cappuccions and 8 apple turnovers per week. The price of cappuccinos is $4 each and apple turnovers are $1 each.

what is the amount of income allocated to cappuccinos and apple turnover consumption?

what is the price ratio(the price of cappuccino relative to the price of apple turnovers)

explain the meaning of price ratio you computed

if eliza maximize utility, what is the ratio of the marginal utility of cappuccinos to the marginal utility of apple turnovers

if the price of apple turnovers falls, will eliza consume more apple turnovers, fewer apple turnovers or the same amount of apple turnovers?

explain your answer using the rule of equal marginal utility per dollar

 

Reference no: EM13977339

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