QUESTION 3 A consumer has $300 to spend on meat (good x) and vegetables (good y) per month. The price of meat is Py=$6 and the price of vegetables is Py=$2 per unit. We conclude that the slope of this consumer's budget line (with good x plotted in the horizontal axis of the diagram) is .. O -1/3 -3 150 O 50 QUESTION 4 When there is a corner solution (for instance, with perfect substitute goods), the optimal choice ... O is to buy only the good that provides the highest bang-for-the buck. is to spend the entire budget on the good that has the lowest price per unit. O is to not buy any of the goods.

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter1: Introducing The Economic Way Of Thinking
Section1.A: Applying Graphs To Economics
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QUESTION 3
A consumer has $300 to spend on meat (good x) and vegetables (good y) per month. The price of meat is Px=$6 and the price of
vegetables is Py=$2 per unit. We conclude that the slope of this consumer's budget line (with good x plotted in the horizontal axis of the
diagram) is ...
-1/3
-3
150
50
QUESTION 4
When there is a corner solution (for instance, with perfect substitute goods), the optimal choice
..
is to buy only the good that provides the highest bang-for-the buck.
is to spend the entire budget on the good that has the lowest price per unit.
is to not buy any of the goods.
Transcribed Image Text:QUESTION 3 A consumer has $300 to spend on meat (good x) and vegetables (good y) per month. The price of meat is Px=$6 and the price of vegetables is Py=$2 per unit. We conclude that the slope of this consumer's budget line (with good x plotted in the horizontal axis of the diagram) is ... -1/3 -3 150 50 QUESTION 4 When there is a corner solution (for instance, with perfect substitute goods), the optimal choice .. is to buy only the good that provides the highest bang-for-the buck. is to spend the entire budget on the good that has the lowest price per unit. is to not buy any of the goods.
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