How they can improve the utility by buying tickets

Reference no: EM132196923

Question: Consumer Choice and Indifference Curves Part 1-2 Suppose that the average consumer is only choosing between buying shoes and concert tickets. Their indifference curves are given below: Suppose that the average consumer has $300, shoes are $60 and concert tickets are $30.

a) If this person is buying 1 pair of shoes and 8 concert tickets, they can improve their utility by buying tickets and pairs of shoes.

b) To get the highest utility consistent with their budget, this person will buy 3 pairs of shoes and 2 concert tickets.

Reference no: EM132196923

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