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March 29, 2015

Homework Help: economics

Posted by Krissy on Sunday, February 24, 2008 at 12:14pm.

Each week, Bill, Mary and Jane select the quantity of two goods, x1 and x2, that they will consume in order to maximize their respective utilities. They each spent their entire weekly income on these two goods.

Suppose you are given the following information about the choices that Bill makes over a three-week period:

x1 x2 P1 P2 I
week 1 10 20 2 1 40
week 2 7 19 3 1 40
week 3 8 31 3 1 55

Did Bills utility increase or decrease between week one and week 2? Between week 1 and week 3? Explain using a graph to support your answer.

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