Question

In these questions, let's assume that all the people involved have the same income. a) What...

In these questions, let's assume that all the people involved have the same income.

a) What type of people are more likely to eat resturaunt meals? TV dinners? Why?

Note that your answers (and follow-up discussion) MUST be based on the tools of economics covered in this module (meaning utility theory). Remember, everyone, rich and poor, experience positive and negative utility.

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Answer #1

Here it is given that all people have same income

so if it is the case of perfect substitute between tv dinner and resturaunt then one with lower price will be consumed

but if this is the case of imperfect substitutes and with more prefrence to tv dinner then it will me more consumed given equal prices and if more prefrence is given to resturaunt meals then it will be more consumed

your question is incomplete the information i mentioned its just a basic and really helpfull

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