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Lecture 1

# ECON 310 Lecture 1: p310x1ans Premium

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Department
Economics
Course
ECON 310
Professor
E Funkhouser
Semester
Spring

Description
Problem Set 1 Answer Guide Economics 310 1. Consider the following information for a consumer of pizza and salad: Indifference Curve 1 includes the following points: Pizza Salad 1 13 2 9 3 6 4 4 5 3 7 2 Indifference Curve 2 includes the following points: Pizza Salad 1 8 2 5 3 3 4 2 6 1 Price of Pizza = 8 Price of Salad = 4 Income = 48 a) Draw indifference curve 1 and the budget constraint for this individual. Initial Situation 8 7 6 5 Indifference Curve 1 4 Indifference Curve 2 Pizza Budget Constraint 1 3 2 1 0 0 2 42 160 8 1 Salad b) At what point [or range of points] is the maximum utility attained [Note: for the purposes of this problem, assume that the indifference curve is a series of straight line segments and not a continuous curve choose the midpoint of the line segment]
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