Authors libby rittenberg 408
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7.
Figure 7.19
8.
1. Use the set of Sid’s indifference curves shown as a guide in
drawing your own graph grid. Draw Sid’s indifference curves
and budget line, assuming sandwiches cost $3.60. Identify the
point at which he maximizes utility. How many sandwiches
will he consume? How many cartons of yogurt? (Hint: All of
the answers in this exercise occur at one of the combinations
given in the tables on this page.)
2. Now suppose the price of sandwiches is cut to $1.20. Draw
the new budget line. Identify the point at which Sid maximizes
utility. How many sandwiches will he consume? How many
cartons of yogurt?
3. Now draw the budget lines implied by a price of yogurt of
$1.20 and sandwich prices of $0.90 and $1.80. With the
observations you’ve already made for sandwich prices of
$3.60 and $1.20, draw the demand curve. Explain how this
demand curve illustrates the law of demand.
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
408
