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- If a consumer's income decreases, what will happen to the budget line? It will shift outward. It will become steeper. It will become flatter. It will shift inward.If the price of a cinema ticket is 20 , the price of a concert ticket is 40 and the income is 120 , draw the budget line.The income of a consumer is $40, the price of A is $5, and the price of B is $2. If the quantity of A is measured vertically, then the slope of the budget line is?
- Originally the consumer faces the budget line p1x1 + p2x2 = m.What happens to the budget line if the price of good 2 increases, but the price of good 1 and income remain constant?Explain how the budget constraint might change if income and prices of all goods increased in same proportion?If the price of good X increases, what will happen to the budget line? It will shift outward It will become steeper It will become flatter It will shift inward
- Give the economic interpretation of a budget lineIf the price of a slice of cake is $4, the price of a slice of pie is $2, and Latasha spends her entire budget of $10, she will choose to buy of pie and of cake.If a budget line is below the indifference curve. What does this mean? Are the points on the indifference curve affordable?
- If a household has an income of $50 and buys only milk at $3 each unit and honey at $6 each unit, what is the household’s budget equation? Explain your answer.Suppose the price of a donut is $2.50, the price of a cinnamon roll is $3.20, and the budget is $50. Donuts are on the x-axis and cinnamon rolls are on the y-axis. If the price of a donut increases to $3.30, what happens to the Budget Line? The budget line undergoes a parallel shift outward The budget lines undergoes a parallel shift inward The budget lines rotates outward The budget lines rotates inwardSiobhan divides her spending between lemons and limes. If the price of lemons falls, the income effect predicts she will buy Question 15 options: Fewer limes. The same number of limes. More limes.
