Assume the following is the Budget Equation for a consumer: 366 Coke + 74 Cheetos = 3556 What is the opportunity cost of one more Coke? (enter this number as positive)
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- Marie has a weekly budget of $24, which she likes to spend on magazines and pies. If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week? If the price of a pie is $12, what is the maximum number of pies she could buy in a week? What is Marie’s opportunity cost of purchasing a pie? At the start of the week, Marie decides to buy a pie. Does this imply that the utility she receives from this pie is greater than or less than her opportunity cost of purchasing the pie? Marie is thinking about purchasing a second pie. Do we expect the marginal utility she receives from the second pie to be greater than, less than, or equal to the marginal utility she receives from the first pie? Explain your answer.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.Suppose Alphonso’s town raises the price of bus tickets from $0.50 to $1 and the price of burgers rises from $2 to $4. Why is the opportunity cost of bus tickets unchanged? Suppose Alphonso’s weekly spending money increases from $10 to $20. How is his budget constraint affected from all three changes? Explain
- At the start of the week, Marie decides to buy a pie. Does this imply that the utility she receives from this pie is greater than or less than her opportunity cost of purchasing the pie? Marie is thinking about purchasing a second pie. Do we expect the marginal utility she receives from the second pie to be greater than, less than, or equal to the marginal utility she receives from the first pie? Explain your answer.Suppose a wedge of cheese is $10, and a loaf ofbread is $5. What is the opportunity cost of purchasing a wedge of cheese (in terms of bread)?Explain what happens to the opportunity cost ofpurchasing a wedge of cheese (in terms of bread)if your income decreases by 20 percent.As an economics student your budget for meals at the university is Rs 12,000 and you have two options during the course of you studies: Eating at the university cafeteria for Rs 40 per meal Eating at the dining hall for Rs 10 per meal. a. Draw the budget constraint showing the trade-off between cafeteria and dinning hall meals, with cafeteria meals on x-axis and dining hall meals on y-axis. Assume you spend equal amounts on both goods, draw an indifference curve showing the optimum choice. Label the optimum as point A.
- Q15.) Answer each question. Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is ___. 2.) If she buys 1 pie the number of magazines she can buy in a week is ____. 3.) What is her S opportunity cost of purchasing a pie? ___ 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___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?What is the equation for the student's budget constraint? In your equation, use Q1 as the variable to represent the quantity of burritos and Q2 to represent the quantity of sodas. What is the opportunity cost of a burrito?
- Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $.75 and the price of peanuts is $1.50. Suppose that you had won $30 on your ticket, not $15. Show the $30 budget line in your diagram. Why would this budget line be preferable to the old one?As an economics student your budget for meals at the university is Rs 12,000 and you have two options during the course of you studies: (i) Eating at the university cafeteria for Rs 40 per meal(ii) Eating at the dining hall for Rs 10 per meal. A) Draw the budget constraint showing the trade-off between cafeteria and dinning hall meals, with cafeteria meals on x-axis and dining hall meals on y-axis. Assume you spend equal amounts on both goods, draw an indifference curve showing the optimum choice. Label the optimum as point A. (2 Mark)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.)
