Mary uses the entirety of her income to buy face masks (f) a…
Mary uses the entirety of her income to buy face masks (f) and hand sanitizer (h). She currently buys 10 face masks and 1 hand sanitizer. The price per unit of face masks is $0.5, and the price per unit of hand sanitizer is $4. Her marginal utility from face masks is 1, and her marginal utility from hand sanitizer is 8. Is her current basket choice optimal?
Read DetailsArya only consumes two goods: X and Y. When the price of X c…
Arya only consumes two goods: X and Y. When the price of X changes, the income effect and the substitution effect for X move in opposite directions. In addition, the income effect for X dominates the substitution effect. X must be:
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