Suppose a student's entire weekly pocket money (income) is spent on caf eteria's fast food and hut's meal. Draw his (weakly) budget line if he has total amount of Rs. 1500 per week, the price of fast food is Rs. 150 per unit and the price of meal is Rs. 100 per unit. Draw the new budget lines: (a) if the price of fast food doubles; (b) if the price of meal halves; (c) if his pocket money/income rises to Rs. 2500 per week; (d) if his pocket money/income falls to Rs. 1000 per week.
Suppose a student's entire weekly pocket money (income) is spent on caf eteria's fast food and hut's meal. Draw his (weakly) budget line if he has total amount of Rs. 1500 per week, the price of fast food is Rs. 150 per unit and the price of meal is Rs. 100 per unit. Draw the new budget lines: (a) if the price of fast food doubles; (b) if the price of meal halves; (c) if his pocket money/income rises to Rs. 2500 per week; (d) if his pocket money/income falls to Rs. 1000 per week.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 8SQP
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Suppose a student’s entire weekly pocket money (income) is spent on cafeteria’s fast food and hut’s meal. Draw his (weakly) budget line if he has total amount of Rs. 1500 per week, the
meal halves; (c) if his pocket money/income rises to Rs. 2500 per week; (d) if his pocket money/income falls to Rs. 1000 per week.
Transcribed Image Text:Suppose a student's entire weekly pocket money (income) is spent on cafeteria's fast
food and hut's meal. Draw his (weakly) budget line if he has total amount of Rs. 1500
per week, the price of fast food is Rs. 150 per unit and the price of meal is Rs. 100 per
unit. Draw the new budget lines: (a) if the price of fast food doubles; (b) if the price of
meal halves; (c) if his pocket money/income rises to Rs. 2500 per week; (d) if his pocket
money/income falls to Rs. 1000 per week.
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