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Harry purchases butterbeer (B) and chocolate frogs (C) and has the following utility function:U(B,C) = min(4B, C). He has $360 to spend on butterbeer and chocolate frogs. Suppose that the price ofbutterbeer is $4 per bottle and the price of chocolate frogs is $5 each.
(a) Find the utility maximizing consumption bundle for Harry given his budget constraint.
(b) What would happen to the optimal consumption bundle if Harry’s income falls to $180?
In 1976 a movie ticket was $4 and the price index was 56. In 2009 a movie ticket was $9 and the price index was 228. Based on this information: The real price of a movie ticket was the same in both years.
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Say whether each of the following situations involves screening or signalling.
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If producing a good generates pollution (a negative externality), from a social perspective ...
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