Asked by
Nathan Banks
on Nov 16, 2024
Verified
A family on a trip budgets $800 for meals and hotel accommodations. Suppose the price of a meal is $40. In addition, suppose the family could afford a total of eight nights in a hotel if they don't buy any meals. How many meals could the family afford if they gave up two nights in the hotel?
A) 1
B) 2
C) 5
D) 8
Hotel Accommodations
Lodging and room services provided by hotels to travelers, which can vary widely in terms of quality, amenities, and price.
Meals
The food that is prepared and served, typically at regular occasions or times during the day, such as breakfast, lunch, or dinner.
Budgets
Detailed plans that outline expected income and expenditures over a specific period, often used by individuals, organizations, or governments to manage finances.
- Understand the principle of budget limitations and the method by which consumers distribute their earnings among various products.
- Apply the concept of utility maximization to determine the optimal choice of goods within a budget constraint.
Verified Answer
TL
Learning Objectives
- Understand the principle of budget limitations and the method by which consumers distribute their earnings among various products.
- Apply the concept of utility maximization to determine the optimal choice of goods within a budget constraint.