Final answer:
The affordability of consumption bundles cannot be accurately determined without the price of food. The cash equivalent for five magazines is $20, based on $4 per magazine, and the student's budget constraint is $24 per week to spend on magazines and pies. We need the price of food to compare and check the affordability of the given bundles.
Step-by-step explanation:
A student has asked about the affordable consumption bundles that make the student better off than the optimal consumption choice if the student's grandmother gives them five magazines. To answer this, we need to understand the student's budget constraints and the prices of the goods. From the information provided, we can infer that the student has a weekly budget of $24 to spend on magazines and food (referred to as pies in the original text). If the price of a magazine is $4 each, the student could buy a maximum of 6 magazines.
The given consumption bundles need to be compared to the cash equivalent of five magazines if the price of a magazine is $4. This means that the cash equivalent is 5 times $4, which is $20.
The options given are:
a. 4 magazines and 11 units of food
b. 2 magazines and 14 units of food
c. 3 magazines and 12 units of food
d. 1 magazines and 13 units of food
However, the prices of the 'units of food' were not specified, so we cannot definitively answer the question without this crucial information. Generally, we should be able to calculate whether each bundle is affordable by multiplying the number of magazines in each bundle by their price and adding the cost of the food, but we need the price of food to do this.