Your budget is $200. The price of good 1 (x1) is $4 per unit, and that of good 2 (x2) is $3 per unit. Then, the equation for your budget line can be written as O 5x1 + 3x2 = 200 ◎ 4x1 + 3x2 = 200 ◎ 4x1+ 4x2 = 200 O 5x1 + 3×2 = 195
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Q1 please help me quickly!! Your budget is $200. The price of good 1 (x1) is $4 per unit, and that of good 2 (x2) is $3 per unit. Then, the equation for your budget line can be written as
O 5x1 + 3x2 = 200
◎ 4x1 + 3x2 = 200
◎ 4x1+ 4x2 = 200
O 5x1 + 3×2 = 195
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- 1. An individual's budget Suppose Darnell has a weekly budget of $32 to spend on ranch dressing and spinach. Ranch dressing is priced at $4 per bottle, and spinach is priced at $2 per container. If Darnell spends his entire $32 on ranch dressing, he can buy 16 containers of spinach. 8 bottles of ranch dressing. If he spends his entire $32 on spinach, he can buy Use the blue line (circle symbol) to plot Darnell's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of ranch dressing and spinach that are affordable for Darnell. Finally, place the black point (plus symbol) on the point on Darnell's budget constraint that corresponds to a scenario in which Darnell spends $16 on each good. Note: Dashed drop lines will automatically extend to both axes.A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, orsodas, which cost $4 each.What is the largest number of burritos that the student could afford to purchase in onemonth?What is the largest number of sodas the student could afford to purchase in one month? Draw the student's budget constraint. Put burritos on the x-axis and sodas on the y-axis.Lee has calculated her marginal utility from buying pizza slices and soda (shown on the table in the worksheet) and wants to use these data to decide how to rationally spend the money she has. The price of pizza is $2.00 and the price of soda is $2.00 question 9 (a) given these prices and your worksheet calculations, what is the first product lee will buy? (b) would lee ever buy four slides of pizza? Why/why not? question 10Given the data in your worksheet, how many pizza slices and sodas lee should buy to maximize her total utility if she rationally spends her budget of 10.00? question 11 when the price of pizza changes, lee's MU/$P changes. If the price of pizza decreases to $1.50 and her budget decreases to $7.50, how many pzza slices and sodas lee should buy to maximize her total utility?
- Janice really likes potatoes. Potatoes cost $1.10 per pound, and she has $6.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30. Instructions: Enter your answers as whole numbers. a. How many pounds of potatoes will she purchase? pound(s) of potatoes b. What if she only had $3.00 to spend? pound(s) of potatoesJanice really likes potatoes. Potatoes cost $1.00 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30. Instructions: Enter your answers as whole numbers. a. How many pounds of potatoes will she purchase? b. What if she only had $3.00 to spend?Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with thefollowing equation: 15Qe+ 30Qm= 3000. Now answer the following questions. I. Draw the budget line for Mega PartnerII. What would be the highest amount spend on Marker with the existing budgetIII. If Total budget increases to 4500 what would be the new budget line (use diagram)IV. If Price of the Marker becomes 15, how this changes the existing budget line keeping allthe values remain same.
- John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Supposethat John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke?1. Muhammad enjoys going to the aquarium (x) and playing basketball (y). His preferences on x and y are described by his utility function: U(x, y) = 100x23y3. He has a budget of £120 per week to spend on playing basketball and going to the acquarium. Knowing that p,=10 and py=10: ,2/3,1/3 (A) Find the optimal combination of x and y so that Muhammad maximizes his utility subject to the budget constraint. Show this graphically. (B) Consider now that the price of going to the aquarium increases to £20, the price of playing basketball is now £15 and the income did not change. How does this modify Muhammad's optimal bundle? Show this graphically. (C) Compare the optima in (A) and (B): has the valuation of y in terms of x changed? Explain.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?
- 1. An individual's budget Suppose Musashi has a weekly budget of $24 to spend on juice and yogurt. Juice is priced at $2 per gallon, and yogurt is priced at $6 per container. If Musashi spends his entire $24 on juice, he can buy gallons of juice. If he spends his entire $24 on yogurt, he can buy containers of yogurt. Use the blue line (circle symbol) to plot Musashi's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of juice and yogurt that are affordable for Musashi. Finally, place the black point (plus symbol) on the point on Musashi's budget constraint that corresponds to a scenario in which Musashi spends $12 on each good. Note: Dashed drop lines will automatically extend to both axes. 24 22 20 BC, ($24) 18 16 Affordable Region 14 12 $12 on Each 6. 4 BC, ($48) 4 6. 8 10 12 14 16 18 24 JUICE (Gallons) 22 20 10 2) YOGURT (Containers)Use the following information to answer questions 1 through 8: A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. What is the largest number of burritos that the student could afford to purchase in one month? What is the largest number of sodas the student could afford to purchase in one month?John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke or does he show increasing marginal utility for Coke? Suppose that John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke? *use tables and/or graphs if possible, please original work