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QUESTION
Suppose Natasha's income is $200 per month, a concert ticket costs $30, a film ticket costs $5, and her preferences correspond to the utility...
- Suppose Natasha's income is $200 per month, a concert ticket costs $30, a film ticket costs $5, and her preferences correspond to the utility function U(C,F) = C0.75F0.25, where C stands for the number of concerts and F stands for the number of films.
- (a). What is Natasha's marginal utility of film tickets?
- (b). What is Natasha's marginal utility of concert tickets?
- (c). What is Natasha's MRS for film tickets with concert tickets?
- (d). How many concert tickets will she purchase, and how many film tickets will she purchase?
