Mary works on a part-time job with a monthly income $300. She spends money only in fitness centre and other goods represented as composite good with a price of 1$/unit. The fitness centre membership costs her $50 per month, and she can work out in the centre up to 20 visite per month for free. Each additional visit beyond 20 will cost her $5/visit. (Hints; assume that x is the fitnese centre visite, and y is a composite good $1/unit.] a) Write down and simplify Mary's budget constraint function(s). b) Draw Mary's budget line with clear labels,

Mary works on a part-time job with a monthly income $300. She spends money only in fitness centre and other goods represented as composite good with a price of 1$/unit. The fitness centre membership costs her $50 per month, and she can work out in the centre up to 20 visite per month for free. Each additional visit beyond 20 will cost her $5/visit. (Hints; assume that x is the fitnese centre visite, and y is a composite good $1/unit.] a) Write down and simplify Mary's budget constraint function(s). b) Draw Mary's budget line with clear labels,

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter5: Consumer Choice: Individual And Market Demand

Section: Chapter Questions

Problem 1TY

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Please Show Each and Every Working VERY CLEARLY! utility
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