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You have to decide whether or not it is worth your time to go on a date or to hang out with your friends. Either decision will increase your total utility, but you are constrained by your total income of $160.00. Here is a table of your current situation:
Cost of Date: $50
Cost of Hanging Out with Friends: $30
Date Total Utility Hanging Out with Friends Total Utility
0 0 0 0
1 110 1 110
2 265 2 203
3 394 3 288
4 421 4 352
5 440 5 400
Find consumer optimum. at what point should you go on the date? At what point should you hang out with your friends? Roughly at what point does going on a date equal hanging out with your friends?
Why is the production possibility frontier bowed outwards?
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The term consumer sovereignty refers to...
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