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Microeconomics- Consumer

  1. Mar 11, 2012 #1
    1. The problem statement, all variables and given/known data

    "Monet is a first year graduate student and he receives a weekly salary from his teaching assistant job on campus. His stress–release activity is to make strawberry smoothies. Therefore he spends all his weekly salary for buying strawberries and ice. In order to make a perfect smoothie, he needs to put 10 strawberries and 5 cubes of ice per cup of smoothie. The price of a strawberry is $0.5 and the price of a cube of ice is $0.2. His weekly salary is $10."

    b. Draw one of Monet’s indifference curves for strawberries and ice and explain the economic intuition. (I think I got this one)

    c. How many strawberries and ice cubes will Monet buy? Show the answer either graphically or mathematically. (please help here)




    2. Relevant equations

    Y(income)= Price of ice * ice + price of strawberries * strawberries



    3. The attempt at a solution

    10 = ????? omg help

    the intercepts will be 20 and 50
     
  2. jcsd
  3. Mar 12, 2012 #2

    Borek

    User Avatar

    Staff: Mentor

    To make n smoothies, how many strawberries and how many ice cubes does Monet need?
     
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