After Frank and Ruby engage in trade, each of thema. consumes at a point inside his or her productionpossibilities frontier.b. consumes at a point on his or her productionpossibilities frontier.c. consumes at a point outside his or her productionpossibilities frontier.d. consumes the same amounts of meat andpotatoes as the other.
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After Frank and Ruby engage in trade, each of them
a. consumes at a point inside his or her production
possibilities frontier.
b. consumes at a point on his or her production
possibilities frontier.
c. consumes at a point outside his or her production
possibilities frontier.
d. consumes the same amounts of meat and
potatoes as the other.
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- The president of LeTall University, President John, spends $30 per week on pizzas (qz)and beers (qb). At LeTall Pizza, his go-to pizza joint, pizza costs $3 per slice and beeralso costs $3 per can. Assume fractions of the goods are allowed.(a) Draw President John’s budget line (qb on the horizontal and qz on the vertical axis).(b) President John receives a coupon from LeTall Pizza. The coupon, which will expirein a week, allows him to buy a can of beer at a discounted price of $1 per can. Itis, however, only good for a dozen cans of beer. Draw President John’s budget lineunder the coupon. Label any critical points on the budget line.(c) In another week, LeTall Pizza offers a special deal for pizza. For every half dozenslices of pizza bought during the week, one can get two additional slices for free.Draw President John’s budget line under the special deal. Label any critical pointson the budget line.“Study of economics starts by acknowledging life’s trade- offs”. Discuss the statement incontext of principles of economics about individual decision making.Hi - I'm confused on isocost lines... I have to draw a diagram with artifical intelligence on the y-axis and human intelligence on the x-axis and draw isocost lines.
- this is answers optimal level 43 bert 4 dolars and emily 7 dolars Please explainA consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25 and a slice of bread at $40. Assuming that the ice cream will be located aling the vertical axis, and bread slice along the horizontal axis, what is the opportunity cost of bread in terms of the ice cream? (How many units of ice cream will be given up to gain a slice of bread?) Answer in absolute value.Scenario: Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman, and he is willing to trade 3 fish for every 1 coconut. The slope of budget line from trading with Friday is -0. 5. This shows for every coconut you give up, Friday must give up 2 fish. -The slope of budget line from trading with Kwame is -0. 3. So for every coconut you give up, Kwame must give up three fish. 1) Which budget line features a larger set of attainable combinations of coconuts and fish?
- 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…A consumer has $300 to spend on goods X and Y. The market prices of these two goodsare Px = $15 and Py = $5. b. Illustrate the consumer’s opportunity set in a carefully labeled diagram.
- A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25 and a slice of bread at $40. Assuming that the ice cream will be located aling the vertical axis, and bread slice along the horizontal axis, what is the opportunity cost of ice cream in terms of the bread? (How many slice of bread will be given up to gain a unit of ice cream?) Answer in absolute value.A possible explanation for the indecency might be the fact that the consumers are not all alive at the same time and therefore some mutually advantageous trades cannot occur. Consider an economy where consumer t receives an endowment of 1 unit of the single consumption good at time t and obtains utility only from consumption at times t and t + 1. All consumers meet at time 0 to trade. What is the equilibrium? Is exigency restored?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