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ECO1050 – MicroeconomicsConsumer Demand Assignment WorksheetDirectionsThis assignment deals with the derivation of a consumer’s demand curve. To complete thisassignment, you must complete all of the following questions and activities.To create the graph, or graphs, for this assignment, use Microsoft Excel or the drawing tool inMicrosoft Word. Copy and paste the graph you create into this worksheet.Microeconomic ProblemUse the following information about Adam’s preferences to answer the questions below.SodaTotal UtilityChipsTotal Utility0000150160290211031203150414541805160520061706210717572151.Income is 2 dollars, the price of soda is 0.25 dollar, and the price of chips is 0.50 dollar.Construct Adam’s budget line.1
Remove or Replace: Header Is Not Doc Title2.What is the utility maximizing combination of soda and chips? Indicate this combinationon the budget line.3.What is the total utility (TU) at this combination?