2. 职称英语
  3. Use the information in the table below to answer the following questions concern

Use the information in the table below to answer the following questions concern

游客2025-06-21  18
问题 Use the information in the table below to answer the following questions concerning a consumer’s choice between food and clothing.
(a)Fill in the blanks that remain in the table.
(b)Let income=＄130, Pf=＄20, and Pc=＄10. Does the market basket C=1 and F=6 satisfy the budget constraint? Could this be the utility maximizing market basket? If not, in which direction would the consumer like to reallocate his purchases (i. e., more food or more clothing)?
选项
答案 (a)[*]
(b)Yes, 1×10+6×20=＄130=income, so the budget constraint is satisfied with this market basket. However, this market basket could not be utility maximizing since (MUc/Pc)=6＞(MUf/Pf)=4.5. The consumer can increase utility by spending more money on clothing.
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