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galben [10]
1 year ago
15

Oscar consumes both video games and Pepsi.

Social Studies
1 answer:
Eduardwww [97]1 year ago
5 0

A) Oscar's Total utility from purchasing 3 video games and 2 pepsis = 21

B) The quantity of video games and Pepsi maximizes Oscar’s utility = 2 video games and 5 Pepsi

C) When the price of Coca cola drops :   Oscars' demand for pepsi will drop

D) Pepsi is an <u>Inferior good </u>because it has a negative income elasticity

E) The cross-price elasticity for video games and computer equipment  is : <u>Positive</u>

<h3>Analysis of the solutions </h3>

<u>A) The total utility from purchasing 3 video games and 2 pepsis</u>

marginal utility of 3 videos games = 12

marginal utility of 2 pepsi = 9

therefore total utility = 12 + 9 = 21

<u></u>

<u>B) </u><u>The </u><u>quantity </u><u>of video games and Pepsi maximizes Oscar’s utility</u>

The quantity of video games with the maximum utility ( 20 ) = 1

The quantity of video games with the maximum utility ( 10 ) =  1

<u>Given that :</u>

Oscars weekly income = $20

price of video game = $5

price of pepsi = $2

After the first purchase of video games and pepsi

$20 - $7 = $13

after the next purchase

$13 - $7 = $6

The balance $6 will purchase 3 more pepsi

Therefore the quantity of Video games to be purchased = 2 ( $10 )  (i.e.  15 utility )

Quantity of Pepsi to be purchased = 5 ( $10 ) ( i.e. 6 utility )

C) When the price of Coca cola drops Oscars' demand for Pepsi will drop as Coca cola is a competitor/superior  product.

D) Pepsi is an inferior good

E) The cross price elasticity for video games and computer equipment is <u>positive </u>

<u />

Hence we can conclude that the answers to your question are as listed above

Learn more about Utility : brainly.com/question/24922430

#SPJ1

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