Haley divides her entertainment budget between movie tickets and concert tickets. Two of her indifference curves are shown in Figure EQ-1. When movie tickets are $12 and concert tickets are $20, she purchases 25 movie tickets and 45 concert tickets. This is shown on Indifference Curve 1 (IC1). Haley finds out that she can sign up for a loyalty program with the movie theater and buy tickets at a 50% discount. When the price of movie tickets decreases, she buys 50 movie tickets and 50 concert tickets. This is shown on Indifference Curve 2 (IC2). For which of these two goods can we draw Haley’s demand curve? Explain.
Haley divides her entertainment budget between movie tickets and concert tickets. Two of her indifference curves are shown in Figure EQ-1. When movie”
by | Mar 12, 2022 | Uncategorized
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