Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of food is $10. Jane spends her entire income when she purchases ________ units of clothing and ________ units of food. A) 25; 5 B) 16; 8 C) 12; 20 D) 10; 10

Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of food is $10. Jane spends her entire income when she purchases units of clothing and units of food. A) 25; 5 B) 16; 8 C) 12; 20 D) 10; 10

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterA: Working With Diagrams

Section: Chapter Questions

Problem 1QP

See similar textbooks

Related questions

Q: For this problem, assume that Joe has $80 to spend on books and movies each month and that both…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of…

A: Here, different bundles of clothing and food is given and Jane has an income of $500 with clothing…

Q: Question 34 Stephanos spends all of his $500 allowance on slices of pizza and gas for his pickup…

A: To calculate the percentage change in consumption of pizza.

Q: 1. _______ Refers To an upper limit on the amount of a commodity that can be purchased by an…

A: In economics, there are specific terms used to explain specfiic economic concepts to understand the…

Q: Assume that a consumer has a given budget or income of $10 and that she can buy only two goods,…

Q: (Figure: Paloma's Budget Line) Use Figure Paloma's Budget Line. The price of a cup of tea is $3, and…

A: The budget line is a graphical delineation of all possible combinations of the two commodities that…

Q: hat is a basket of goods? Explain how it is selected.

A: The "shopping baskets" of items utilized in aggregating the various measures of consumer price…

Q: Assume that a college student spends her income on books and pizza. The price of a pizza is $8.00,…

Q: Use Figure Paloma's Budget Line. The price of a cup of tea is S$3, and the price of apple cñips is…

A: Here we calculate the consumption of Tea and Consumption of apple chips by using the given budget…

Q: Rummy has $40 a week to spend on burger and cake.The price of burger is $5 and the price of cake is…

A: It is given that the consumer prefers burger (B) and cake (C). The price of B and C are equal to $5…

Q: 4. Which of the following describes the income effect? a) Change in the consumption of a good…

A: Income effect is the change in consumption of good due to change in purchasing power resulting from…

Q: Ria has an income of $1,200. She consumes two types of goods, shoes and handbags. Suppose the price…

A: Opportunity cost of shoes would be $200.

Q: 3- You have a budget of 5000 PKR, the biryani is for 250 PKR and coke is for 100 PKR. Draw the…

A: Budget line: - it is the graphical representation of different combinations of two goods that a…

Q: Q3. Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls…

A: Q3: An overall increase in price level is generally termed as inflation.

Q: Table 1. The table below applies to an economy with only two goods- hamburgers and hot dogs. The…

A: Consumer price index is a measure to calculate change in cost of basket of goods. It fixes the…

Q: 1. Loveflower only consumes two goods - carrots and tofu, and she is currently buying both from her…

A: 2. Perfectly competitive market: It is a form of market structure in which there exists a large…

Q: 7._______ Refers To an upper limit on the amount of a commodity that can be purchased by an…

A: In the given question The term commodity basically refers to an agriculture product or a particular…

Q: thing and food. the price of clothing is $50 and the price of food is 20. Hector spends his entire…

A: Budget constraint (or often addressed as budget line, BL) is the locus of all combinations of goods…

Q: 1.What does a household's budget line show? 2.How does the relative price and a household's real…

A: 1. A household's budget line shows the combinations of two goods which a consumer can purchase given…

Q: 3) For Nour doughnuts and muffins are perfect substitutes. Doughnuts are £4 a box and muffins are £3…

A: Dear student, You have asked multiple questions in a single post. I am answering question number 3…

Q: 5. Construct the budget line equation for the GL line. 18 R 10 10 15 Quantity of X Quansity of Y

A: The budget line LM passes through (0,10) and (15,0) and the budget line RS passes through (0,18) and…

Q: Table 24-7. The table below applies to an economy with only two goods – hamburgers and hot dogs. The…

A: Cost of living is measured by consumer price index which fixes the quantities of the goods constant.

Q: Question 1 Suppose that bushfires in North-West Victoria destroys many of the citrus farms. As a…

A: Hi! thanks for the question but as per the guidelines we can answer only one question at one time.…

Q: I. Suppose a typical Australian household purchases three goods, creatively named good A, good B,…

Q: In Exhibit1 assume that the price of hamburgers is $2 each, fries cost 50 cents each, and Cokes cost…

A: Quantity Total Utility from Hamburgers (utils) Total Utility from Fries (utils) Total Utility…

Q: Jane is your typical economics student who consumes two goods: economics textbook and coffee. Jane’s…

A: Jane's income,M = $40 Number of books, Px = 5 Price of books = 405=$8 Number of coffee cups, Py = 20…

Q: 2. Income and substitution effects Manuel is an accountant who enjoys apples and pears. Suppose that…

A: An alteration in price of a given product creates two effects : substitution and income effects on…

Q: Question 3 Sam is interested in buying two types of goods, x and y. He can either use all his income…

A: Income basically refers to the total amount of money that is received by an individual,…

Q: Participation Question 7: • A consumer derives utility from consuming integer units of Good X and…

A: Total utility refers to the total amount of satisfaction or fulfilment gained by a consumer as a…

Q: Draw his budget line under several conditions: a. His income is $100, and one gallon of gasoline and…

A: In Microeconomics, the budget constraint is used to analyze the quantities of commodities that a…

Q: Quantity of cola 600 400 200 300 Quantity of pizza A consumer has a total budget of $800 to spend on…

A: "Budget line represents all the possible combinations of two items that can be purchased at given…

Q: The residents of Vegopia spend all of their income oncauliflower, broccoli, and carrots. In 2020,…

A: Given: Year Quantity of Cauliflower Income spend on Cauliflower Quantity of Broccoli Income spend…

Q: 26. Describe the consumption pattern of the consumer based on the table below unit MU/P MU/P…

A: Diminishing Marginal Utility: It refers to the decreasing additional utility when more and more…

Q: Rummy has $40 a week to spend on burger and cake. The price of burger is $5 and the price of cake is…

A: Rummy’s real income in terms of cake is $40/$2 = 20 that is 20 slices of cake can be purchased in…

Q: 1. Suppose that the price of oranges is $1 per unit and the price of pencils is $70 per unit. In…

A: Given: The price of oranges is = $1 unit The price of pencils is = $70 per unit The total income is…

Q: 1. 1. Rummy has $40 a week to spend on burger and cake. The price of burger is $5 and the price of…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: You have $40 each week to spend on sporting activities (tennis and golf). A tennis match costs $4…

A: The budget line, conjointly referred to as the budget constraint, shows all of the doable combos of…

Q: What is the consumer’s income? What is the consumer ‘s marginal rate of substitution of food for…

A: 1. Calculate consumer income as follows: Food: 10* 20 = 200 Clothing: 5*50 = 250. Total income = 200…

Q: Marginal Utility of Coffee (for (dollars per cup) | 1st cup) Price of Coffee Price of Orange…

A: The marginal utility per dollar (MUD) for good X can be calculated by using the following formula.

Q: Questions 6 (Demand). When the price of x¡ is $8 and the price of x2 is $5, Jenny consumes 20 units…

A: Answer a) In the given question the increase in the price of goods X2 has to lead to an increase in…

Question

) Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of food is $10. Jane spends her entire income when she purchases ________ units of clothing and ________ units of food.
A) 25; 5 B) 16; 8 C) 12; 20 D) 10; 10

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1- Introduction

VIEW

Step 2- Explanation

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Marie-Louise has an income of $10 to buy peanuts and popcorn. The price of a bag of peanuts is $1 and the price of a bag of popcorn is $2. What is Marie-Louise's real income in terms of popcorn? Select one: A. 1/2 bag of popcorn B. 5 bags of popcorn C. $2 per bag of popcorn D. 2 bags of popcorn E. 10 bags of popcorn
12)Suppose a consumer has $100 to spend on two goods, shoes and shirts. If the price of a pair of shoes is $20 per pair and the price of a shirt is $15 each, which of the following combinations is unaffordable to the consumer? A) 0 pairs of shoes and 0 shirts B) 2 pairs of shoes and 4 shirts C) 5 pairs of shoes and 0 shirts D) 0 pairs of shoes and 7 shirts E) 2 pairs of shoes and 3 shirts
Janelle spends all of her income on songs from iTunes ($1 each) and apps ($5 each) for her iPhone. If she makes her best affordable choice, she purchases 20 songs and 4 apps, what is her real income in terms of apps?
Suppose Matt’s income is $120. He plans to spend it on two goods bread and avacado. Prices are: Pb = $4 per loaf of bread, Pa = $1 per avocado If Matt spends all his income on loafs of bread, how many does he buy? If Matt spends all his income on avocadoes, how many does he buy? If Matt buys 10 loaf of bread, how many avocados can he buy? Plot each of the bundles from parts A – C on a graph that measures avocadoes on the horizontal axis and loaves of bread on the vertical axis, connect the dots to find Matt’s budget constraint. Show what happens to the budget constraint if his income falls to $100, (prices do not change). Show what happens to the budget constraint if price of avocado rises to Pa = $2 per avocado, (income and price of loaves of bread did not change).
11) Suppose there are two goods, X and Y, with X measured on the horizontal axis and Y measured onthe vertical axis. Which of the following statements about a budget line relating the two goods is correct? The budget line shows all the possible combinations of X and Y a consumer can buy given the level of income and prices. The budget line shows all the possible combinations of X and Y a consumer can buy given the level of income, prices, and borrowings. The budget line shows the most preferred combinations of X and Y a consumer can buy given the level of income and prices. The budget line shows the least-cost combinations of X and Y a consumer will buy given the level of income and prices.
John Q. Public spends all of his income on gasoline and hot dogs. Draw his budget line under several conditions: a. His income is $100, and one gallon of gasoline and one hot dog each cost $2. b. His income is $150, and the two prices remain the same. c. His income is $100, hot dogs cost $2 each, and gasoline costs $2.50 per gallon.
1.Graph and label as either direct or indirect the relationships you would expect to find between (a) the number of inches of rainfall per month and the sale of umbrellas, (b) the amount of tuition and the level of enrollment at a university, and (c) the popularity of an entertainer and the price of her concert tickets?
23. Suppose that there are two goods in an economy and that all prices double. At the sametime, the consumer’s income triples, then:(a) The budget line becomes steeper(b) The budget line becomes flatter(c) The budget line does not change(d) The slope of the budget line does not change, but it makes a parallel shift in towardsthe origin(e) The slope of the budget line does not change, but it makes a parallel shift out fromthe origin
11 The statement that correctly describes the capital goods is __________. a. Labor power used for producing a product b. None of the options c. Goods and services that are consumed fully when purchased by the consumers d. Goods such as tools machinery etc. which are used to create final consumer goods
21. A fall in the general price level of the country leads to _______________. a. Rise in the real income of the customers b. No change in the real income of the customers c. None of these d. Fall in the real income of the customers
Mr Adam was purchasing 1 kg daal and 6 kg rice. This week Mr Adam is purchasing 2 kg daal and 5 kg rice. What can you conclude from the given information? Discuss all conclusions in detail.
Suppose that the consumption basket consists of gasoline, mugs, and movies. In the base month, consumers buy 20 litres of gasoline at $2 per litre, 2 mugs for $13 each, and 4 movie tickets for $7 each. In the next month, the price of gasoline is $2.25 per litre, mugs cost $12.50 each, and the price of a movie ticket is $7.50. The change in the consumer price level from the first to the second month is ______. a. –6%b. 6.4%c. 94%d. 1.1%