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- Marsha has a salary of $500. He spends his entire budget on milk and cookies. The cost of a gallon of milk is $4 and the cost of a slice of cookies is $8. Construct Marsha’s budget constraint (place) cookies on the y-axis. Suppose Marsha’s salary rises by 50%. Also suppose that the price of milk and cookies each rise by 50%. Construct Marsha’s new budget constraint. What is the difference between the new and old budget constraints? Suppose that the price of cookies fell from $8 per cookie to $4. Construct Marsha’s new budget What is the difference between the new and old budget constraints. Explain the relationship between the budget constraint and indifference curve at consumer optimum.MICROECONOMICS Clara is leaving for the university restaurant with 3000 HUF in her pocket. Clara is only interested in two things; grilled chicken (x) and salad (y). One slice of grilled chicken costs 300 HUF and the price of 100 grams of salad is 500 HUF. What is the slope of Clara's budget line assuming that she spends her entire budget on these two items and she measures her consumption of grilled chicken on the horizontal axis and salad on the vertical one? (Please use two decimals in your answer.)Suppose that the price of commodity Y is $1 per unit while the price of commodity X is $2 per unit and suppose that an individual’s money income is $16 per time period and is all spent on X and Y. (a) Draw the budget constraint line for this consumer and explain the reason for the shape and the properties of the budget constraint line
- Max chooses to purchase movie tickets and restaurant meals every week with his $100. The budget constraint for Max shows _____________ that is __________ and his _________ between movie and restaurant meal. Group of answer choices; a)expenditure; he prefers; trade-off b)consumption bundles; not affordable; trade-off c)consumption bundles; affordable; trade-off d)consumption bundles; affordable; best choiceI already have parts 1,2,3. I just need help with parts 4 and 5. Robinson Crusoe lives in an island. There are onlytwo food sources in this island: coconut and berries. There is no money in the island but Robinsonuses his time to collect coconuts and berries. He sleeps 8 hours in a day. Collecting a coconut takes2 hours. Picking a pound of berries takes one hour. 1. Considering the food collection times as the prices in the island, write the budget line equationand draw Robinson’s budget line graphically. Specify the intercepts and the slope in the budgetline on the graph.Robinson falls from coconut tree and injures his leg. After the injury collecting coconut takes longer.He can only collect a coconut in 4 hours, but he can still pick berries at the same pace as before. 2. What happens to Robinson’s budget line? Show on the graph. Robinson’s injury makes him more sleepy. Now he sleeps 12 hours in a day. 3. What happens to Robinson’s budget line? Show on the graph.Two weeks after the…Assume you have a two-good model: Beverages are on the X axis and Food on the Y axis. You have a $400 budget. The price of beverage is $10, and the price of food is $20. a. Graphically illustrate the budget line correctly. b. Now assume the price of food decreases to $10 ceteris paribus. Graphically note the change on the same graph. PLEASE SOLVE THIS QUESTION WITH PROPER AND UNDERSTANDABLE GRAPH
- Bob goes to the supermarket to buy milk and cereal. He has $20 tospend. A consumption bundle consists of a quantity of milk, x (liters),and a quantity of cereal, y (grams). For all of the following questionsyou can assume that the consumption set is R2+. This means that milkand cereal can be consumed in any non-negative quantity. (a) The price of milk at the supermarket is px = 4$/liter. The priceof cereal is 0.2cents/gram. Draw Bob's budget set. What is theslope of the budget line? (b) Bob notices that the supermarket has a special coupon. A couponstates: "Buy 1 liter of milk and get 1 box of cereal for free". A boxof cereal has 2000 grams of cereal in it. Each shopper is limitedto one coupon. Draw Bob's budget set with 1 coupon. (Hint: Becareful with units again). (c) Due to popular demand, the supermarket extends its special offer. Each customer is now allowed to use 2 coupons. Draw Bob's budget set with 2 coupons.Lucas has $40 per week that he can spend on lemon soda (X) and chips (Y). The price of the lemon soda (PX) is $2 per bottle, and the price of the chips (PY) is $4 price Write down Lucas’s budget constraint. Draw the budget constraint on the graph below. Make sure to indicate the intercepts and the slope of budget constraint. Label it as BC1. Provide an economic interpretation of the slope of the budget constraint BC1 Suppose Lucas’s income decreases to $12 per week, and the price of lemon soda and chips remain the same. Write down Lucas’s new budget constraint. Then draw his new budget constraint on the same graph above. Make sure to indicate the intercepts and the slope. Label it as BC2. Suppose Lucas’s income remains to be $40 per week and the price of chips remains the same, but the price of lemon soda (PX) increases to $5. Write down Lucas’s new budget constraint. Then draw his new budget constraint on the same graph above. Make sure to indicate the intercepts and the…Suppose Albert's town raises the price of bus tickets from $.50 to $1 and the price of burgers rises from $2 to $4. why is the opportunity cost of bus tickets unchanged? Suppose Albert's weekly spending money increases from $10 to $20. How is his budget constraint affected from all three changes? Explain.
- 3. Darnell's $30 budget is spent entirely on muffins, which cost $3 each, or orange juice. His budget constraint shows endpoints at 10 muffins or 20 cartons of orange juice. How much does orange juice cost? (Sketch out the budget constraint to help you with this one, but I'm only looking for a verbal answer.)For lunch, Misha eats only salads or fruit & yogurt smoothies. Her weekly food budget is $48. Each salad costs $8 and each smoothie costs $3.a. Draw Misha’s budget constraint.b. What is the opportunity cost of purchasing one more smoothie? What is the opportunity cost of purchasing one more salad?c. Describe intuitively how Misha should make the optimal consumption decision.d. Suppose that Misha income falls from $48 to $24. Show what happens to the budget constraint. Is it possible that Misha will consume more salad as a result of this?Andre has a salary of $1000. He spends his entire budget on shoes and beers. The cost for a pair of shoes is $15 and the cost for can of beer is $25. a.Construct Andre’s budget constraint (place) beers on the y-axis. b.Suppose Andre’s salary rises by 25%. Also suppose that the price of shoes and beers each rise by 40%. Construct Andre’s new budget constraint. What is the difference between the new and old budget constraints? c.Suppose that the price of beers fell from $25 per beer to $15. Construct Andre’s new budget constraint. What is the difference between the new and old budget constraints.