please help me solve for parts a, b, and c Principles of Microeconomics1) The following table shows William's total utility from consuming Pita Wraps and Bubble Tea.Total UtilityQuantity ofBubble TeasTotal Utility ofBubble Teasof Pita Wraps72156222276318354378396405411414414Quantity ofPita Wraps123456789101112123456789101112Unit 2 Study Guide60126180230276318354372381387390390the pricea) Suppose William has $30 to spend on Pita Wraps and Bubble Tea. The price of a Pita Wrap is $6 and theprice of a glass of Bubble Tea is $3. What is William's optimal consumption bundle? Show all work!b) Now, suppose that the price of Bubble Tea increases to $6. Find William's new optimal consumption bundle.Show all work!c) List 2 points on William's demand curve for Bubble Tea. Sketch a graph of his demand curve for BubbleTea.

Utility maximization is when individuals choose an optimal bundle of goods and services to receive…

1) The following table shows William's total utility from consuming Pita Wraps and Bubble Tea. Quantity of Total Utility of Pita Wraps Total Utility of Bubble Teas Bubble Teas Quantity of Pita Wraps 1 2 3 4 5 6 7 8 9 10 11 12 72 156 222 276 318 354 378 396 405 411 414 414 1 2 3 4 5 6 7 8 9 10 11 12 60 126 180 230 276 318 354 372 381 387 390 390 price a) Suppose William has $30 to spend on Pita Wraps and Bubble Tea. The price of a Pita Wrap is $6 and the price of a glass of Bubble Tea is $3. What is William's optimal consumption bundle? Show all work! b) Now, suppose that the price of Bubble Tea increases to $6. Find William's new optimal consumption bundle. Show all work! c) List 2 points on William's demand curve for Bubble Tea. Sketch a graph of his demand curve for Bubble Tea.

1) The following table shows William's total utility from consuming Pita Wraps and Bubble Tea. Quantity of Total Utility of Pita Wraps Total Utility of Bubble Teas Bubble Teas Quantity of Pita Wraps 1 2 3 4 5 6 7 8 9 10 11 12 72 156 222 276 318 354 378 396 405 411 414 414 1 2 3 4 5 6 7 8 9 10 11 12 60 126 180 230 276 318 354 372 381 387 390 390 price a) Suppose William has $30 to spend on Pita Wraps and Bubble Tea. The price of a Pita Wrap is $6 and the price of a glass of Bubble Tea is $3. What is William's optimal consumption bundle? Show all work! b) Now, suppose that the price of Bubble Tea increases to $6. Find William's new optimal consumption bundle. Show all work! c) List 2 points on William's demand curve for Bubble Tea. Sketch a graph of his demand curve for Bubble Tea.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter21: Demand: Consumer Choic

Section: Chapter Questions

Problem 1E

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