We have analyzed how prices, budget constraints, and consumer preferences interact to shape household decisions.
Before we move on to the next section, try to solve the following to ensure you are prepared for the next section.
Round Trips | Total Utility | Phone Minutes | Total Utility |
---|---|---|---|
0 | 0 | 0 | 0 |
1 | 80 | 20 | 200 |
2 | 150 | 40 | 380 |
3 | 210 | 60 | 540 |
4 | 260 | 80 | 680 |
5 | 300 | 100 | 800 |
6 | 330 | 120 | 900 |
7 | 200 | 140 | 980 |
8 | 180 | 160 | 1040 |
9 | 160 | 180 | 1080 |
10 | 140 | 200 | 1100 |
Table 6.6
Source: OpenStax, https://openstax.org/books/principles-microeconomics-3e/pages/6-self-check-questions
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