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A: Budget = $20 Price of burger = $5 Price of pizza slice = $2
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- Nick has $300 a month to spend on either detailing his sports car or buying bottles of good wine. It costs $100 to have his car detailed and a bottle of wine is $50. He currently buys four bottles of wine each month and has his car detailed once. If the price of car detailing decreases to $75, Nick's budget constraint will:Jessie is attempting to draw her budget constraint for purchasing cookies and strawberries. At a maximum, she could consume 500 strawberries; she labels this point on the vertical axis of her budget constraint. At a maximum, she could consume 200 cookies; she labels this point on her graph. If the price of a cookie is $0.50 and her budget is $100, what is the price of a strawberry?Picture 1 : A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a package of Cup O' Soup for $2 per meal. Her weekly food budget is $60. Assume that she spends equal amounts on both goods. On the following graph, use the green line (triangle symbol) to draw the college student's budget constraint. Then use the black point (plus symbol) to indicate the initial optimum in this case. Picture 2 : Suppose the price of a Cup O' Soup now rises to $3. Assume that the student now spends only 20 percent of her income on dining hall meals. On the preceding graph, use the blue line (circle symbol) to draw the college student's new budget constraint. Then use the grey point (star symbol) to indicate the new optimum in this case. As a result of this price change, the quantity of Cup O' Soup packages consumed ( decreased , increase ) ? This means that Cup O' Soup must be (a normal , an inferior) ? good, and the income effect (…
- Graham brings $20 to his local college hockey game in order to purchase cheeseburgers and seltzer. The following diagram presents his budget constraint: CANS OF SELTZER 10 6 B 5 4 3 r 0 1 2 BC 4 5 6 CHEESEBURGERS 7 According to the diagram, cheeseburgers cost $ 8 9 10 BC each, and seltzer costs $ (?) per can. Adjust the diagram to show how Graham's budget constraint would change if the price of seltzer decreased. (Assume the price of cheeseburgers and Graham's income remain the same.) Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.A student has a monthly budget of $120 to spend on either burrito, which cost $6 each, or sodas, which cost $4 each.Draw the student's budget constraint. Put burritos on the x-axis and sodas on the y-axis. Which combinations of burritos and sodas are unaffordable--those to the left of the line in the graph or those above the line in the graph? Why? Which combinations would leave some budget unspent - those to the left of the line in the above graph or those to the right of the line in the above graph?Marie has a weekly budget of $24, which she likes to spend on magazines and pies. Calculate: a) If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week? b) If the price of a pie is $12, what is the maximum number of pies she could buy in a week? c) Draw Marie’s budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint? d) What is Marie’s opportunity cost of purchasing a pie? NOTE: To answer this question simply work your answer in a piece of paper, take a photo of it and upload the file. Remember that this is a problem solving question, hence you must show your work!
- Jessie has a budget of $50 and is attempting to draw her budget constraint for purchasing cookies and strawberries. At a maximum, she could consume 100 strawberries; she labels this point on the vertical axis of her budget constraint. If the slope of her budget constraint is -4, what is the price of a cookie?Suppose Kate has a weekly budget of $24 to spend on seltzer water and peanut butter. Seltzer water is priced at $2 per case, and peanut butter is priced at $6 per jar. If Kate spends her entire $24 on seltzer water, she can buy jars of peanut butter. Use the blue line (circle symbol) to plot Kate's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of seltzer water and peanut butter that are affordable for Kate. Finally, place the black point (plus symbol) on the point on Kate's budget constraint that corresponds to a scenario in which Kate spends $12 on each good. Note: Dashed drop lines will automatically extend to both axes. PEANUT BUTTER (Jars) 24 22 20 18 16 14 10 4 2 0 0 + 2 + 6 8 10 12 14 16 SELTZER WATER (Cases) 18 cases of seltzer water. If she spends her entire $24 on peanut butter, she can buy 20 22 24 O BC, ($24) 0 Affordable Region + $12 on Each BC₂ ($48) (?)Your parents give you $500 per month to spend on college expenses or other personal expenses. Your parents change their mind, and decide to make a matching offer. They will give $0.25 for every $1 you spend on college expenses, but only up to $100 extra. Graph the effect of a matching allowance increase of $0.25 for each dollar you spend on college expenses, with a $100 limit, on your budget constraint.
- Joy’s budget permits her to spend $5,000 per month on either business travel or electronicmedia to transact business. The price of business travel was initially $1,000 per trip and theprice of electronic media was $500 per hour.a) Graphically sketch Joy’s budget line. b) Graphically illustrate how a 20 percent decline in the price of business travel would impact Joy’s budget set.c) Suppose that, after the price of business travel drops, Joy’s marginal rate of substitution between electronic media and business travel -1. Is she allocating resources efficiently? Explain.Part 1: Budget Constraints Suppose you have $48 to spend on the two items in the graph below. Q books 5 3 A 1 2 4. 6 8 Q movietickets If movies cost $8, which line represents your budget constraint? [Select] If books cost $12, which line represents your budget constraint? [ Select ] Suppose your budget constraint shifts from line C to line A. What has occurred? [ Select ] Suppose your budget constraint shifts from line A to line B. What has occurred? [ Select ]Amy is in school learning to weld. She spends long hours studying (and drinking coffee), and long hours welding in the hot, dirty shop (and therefore takes frequent showers). Amy has $70.00 a month to spend on the soap and coffee she needs to function properly. Draw Amy's budget constraint, assuming the soap costs $3.50 per bottle, and the coffee costs $14.00 a pound. Also assume that Amy spends all of her money on either soap or coffee or some combination of both. Every time Amy buys a pound of coffee, she is giving up the opportunity to buy… Quantity of SoapQuantity of Coffee0123456789101112131415161718192001234567891011121314151617181920 Every time Amy buys a pound of coffee, she is giving up the opportunity to buy 4 bottles of soap 10 bottles of soap 8 bottles of soap 2 bottles of soap 6 bottles of soap