Joe's income is $1000, the price of pizza (P) is $10 per unit, and the price of burger (B) is $8. Which of the following represents his budget constraint?   Group of answer choices 1 500+4B=5P 2 5P+4B=500 3 100=P+1.2B 4 1000=8P+10B

Q: alex has a budget of $100 a month for a movie tickets and restaurant meals. A movie ticket will cost…

A: Income per month(M) = $100 Two goods: Movie ticket(M) & Restaurant meal(R) Price of Movie ticket…

Q: Marcus is a second year business student and has two options for meals: dining at university for £6…

A: When the needs and wants of human beings are unlimited and the budget of one person is limited, it…

Q: Mary has two dinner options available: eating a home cooked meal for $150 per meal, or at a…

A: Good X = home cooked good Good y = restaurant meal Equation of budget line : 150x+ 260y = 2500

Q: In the below figure, a consumer is initially in equilibrium at point C. The consumer’s income is…

A: Hey, Thank you for the question. According to our policy we can only answer up to 3 sub parts per…

Q: Assume that a combination of two goods reflects a point of tangency between the budget line and an…

A: In consumer theory, the combination of goods and services that a consumer can acquire for his or her…

Q: Suppose Alphonso’s town raises the price of bus tickets from $0.50 to $1 and the price of burgers…

A: The opportunity cost is the cost incurred by not enjoying the benefit associated with other…

Q: You have $100 to spend on food and clothing. The price of food is $4 and the price of clothing is…

A: A budget constraint is a set of constraints that show how much money may be spent. The combination…

Q: If price of commodity X = $20 and price of commodity Y =$ 10 and the income= $200From the diagram…

A: Given price of goods X = $20 Price of goods Y = $10 Income  = $ 200

Q: The marginal utility of the last unit of apples consumed is 10, and the marginal utility of the last…

A: The ratio of the marginal utility of two products is equal to the ratio of prices of the two…

Q: ali was consuming 100 units of X comodities and 50 units of Y. THE PRICE OF x rose from 2 to 3.the…

A: Budget equation: - it is the mathematical expression that represents a consumer’s affordable bundles…

Q: In the following figure, a consumer is initially in equilibrium at point C. The consumer’s income is…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Question 1 Marcus is a second year business student and has two options for meals: dining at…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: As an economics student your budget for meals at the university is Rs 12,000 and you have two…

A: The budget line shows the combination of two goods that a consumer can purchase. The quantity of…

Q: Mary has two dinner options available: eating a home cooked meal for $150 per meal, or at a…

A: Given:Cost of each homecooked meal=$150Cost of each restaurant meal=$260Weekly budget=$2500

Q: A consumer has $300 to spend on goods X and Y. The market prices of these two goods are Px = $15 and…

A: (1) A budget constraint is an economic word that refers to the total amount of products you can…

Q: A halving of the prices good A and good B has the same effect on the budget line as doubling the…

A: The graph that depicts all of the combinations that are possible to be brought with the given income…

Q: A budget constraint, budget set or budget line: 1. Illustrates the combination of units of…

A: The economics is considered to be a very vast area of study, as economics is used in everyday life,…

Q: A student living in a university hostel has two options for meals: eating at the dining hall for…

A: Budget constraint: - it is graphical representation of different bundles of goods that a consumer…

Q: Jackson has an income of $600 and he spends all of his income on corn and fish. The price of corn is…

A: Budget is the maximum amount of money that can be spent on the purchase of both goods. Consumer can…

Q: A consumer is in equilibrium at point A in the accompanying figure. The price of good X is $5. a.…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

Q: If price represents the buyer's 'sacrifice' to consume a particular good, explain how the…

A: Concept Many consumers buy a luxury purse on a regular basis, perhaps as frequently as they buy a…

Q: Maria spends all of her income of $2,000 on food (F) and clothing (C). The prices per unit are: PF =…

A: Given:Maria's income is $2000,price of food (PF) is $5 and price of clothing (PC) is $20 Maria can…

Q: In the below figure, a consumer is initially in equilibrium at point C. The consumer's income is…

A: Indifference curves are defiend as the locus of all the points with equal level of satisfaction.…

Q: Which budget constraint panel in Figure below shows the combined effects of an increase in the price…

A: Budget constraint is said to be a combination of goods that a consumer can purchase with given…

Q: draw the budget constraint for a person with income of $ 1000 if the price of pepsi is $5 and the…

A: A budget constraint is a term used in economics to describe all of the different combinations of…

Q: Suppose the price of A is $2 and the price of B is $3 and that good A is plotted on the horizontal…

A: As given price of good A is $2 and price of good B is $3. After that price of good A double that…

Q: If the price of good x1 and p1 = 2, the price of good x2 is p2 = 3, Kramer's available income is m…

A: We have given that  price of good x1 (p1) =2 Price of good x2  (p2)=3 Kramer's income (m)=16 Utility…

Q: The marginal rate of transformation of y for x represents *         a)the rate at which the consumer…

A: The marginal rate of substitution refers to the rate at which a consumer gives up a good to get an…

Q: If good X plotted on the x-axis, and good Y plotted on the y-axis, an increase in the price of good…

A: Budget constraint shows the amount of the two goods that can be purchased given their prices and…

Q: Suppose that the price of commodity Y is $1 per unit while the price of commodity X is $2 per unit…

A: The budget constraint refers to the combination of two goods that a consumer can buy with the…

Q: Celine Dion, a hypothetical consumer has the budget constraints shown below. Which of Celine Dion's…

A: Budget line shifts when 1. Income of the consumer increases or decreases 2. Price of both the goods…

Q: Draw a budget line with good X on the x-axis and Good Y on the Y axis. Graphically illustrate the…

A: Price effect is basically a term that is used to describe the change in the demand preference of a…

Q: Which budget constraint panel in Figure below shows the combined effects of an increase in the price…

A: Changes in prices  lead to shift in budget curve  If price increases it reduces the purchasing power…

Q: A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a…

A: The weekly food budget of the consumer is $60 and price of one meal is $6 and one cup of O‘soup is…

Q: A consumer's budget is 137. A unit of good x costs 3 and a unit of good y costs 4. If the consumer…

A: Given: Consumer budget=137cost of good x=3cost of good y=4unit of good y purchased by consumer=3

Q: Assume well behaved preferences for a consumer. If total price of good on Y axis goes up, ceteris…

A: A well-behaved consumer means the preference relation is convex and monotonic in nature

Q: If the slope of the indifference curve between goods X and Y is steeper than the slope of the budget…

A: The indifference curve shows a combination of two goods that gives an equal level of satisfaction…

Q: A college student has two options for meals: eating at the dining hall for $6 per meal or eating a…

A: a. Let d and c represent the number of meals eaten in the dining hall, respectively, and Cup 0'Soup…

Q: Suppose there are 2 commodities ( good x and good y( and the consumer faces the following prices,…

A: In consideration of the bundle of 10 units of x and 0 unit of y, total cost will be $10 ( = $1*10 +…

Q: A consumer consumes 2 goods, x and y. If the price of_good x trebles and the price of good y doubles…

A: Answer: Let us understand this with an example. Suppose the consumer initially has $100 and the…

Q: As an economics student your budget for meals at the university is Rs 12,000 and you have two…

A: An indifference curve shows a combination of two goods that provides equal satisfaction to the…

Q: Sarah likes basketball games and going to movies. Every month he has $480 to spend on the two…

A: In financial matters, a budget constraints  addresses every one of the mixes of labor and products…

Q: As a person receives more of a good, the _______________ from each additional unit of the good…

A: Wants satisfying power of commodity called utility , here we choose the correct option and explain…

Q: Which combinations of burritos and sodas are unaffordable--those to the left of the line in the…

A:

Q: Why must a budget constraint have a negative slope? Income and quantity demanded are inversely…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…