Suppose you have $48 to spend on the two items in the graph below. Q books 4 A 1 2 6 8 Q movietickets If movies cost $8, which line represents your budget constraint? [ Select ] If books cost $12, which line represents your budget constraint? [ Select ] Suppose your budget constraint shifts from line C to line A. What has occurred? Suppose your budget constraint shifts from line A to line B. What has occurred? 3.

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: Question 14 (2 8. R 3. T-shirts The above diagram represents Ken's budget constraint for T'shirts…

A: Price has an inverse relationship with quantity demanded.

Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Utility maximization was first developed by utilitarian philosophers Jeremy Bentham and John Stewart…

Q: Robinson makes $200 a week and spends his entire income on running shoes and basketball shorts.…

A: As per given data, first We can analyse the optimal coñsumption pattern of Mr Robinson using budget…

Q: Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500.…

A: The budget constraint is the boundary of the opportunity set all possible combinations of…

Q: A person has $ 100 to spend on two goods X and Y whose respective prices are $3 and $5. a. Draw the…

A: The budget line is a graphical measure of all feasible combinations of two goods (X and Y) that an…

Q: Draw a budget constraint and indifference curve for Pepsi and Pizza on the same graph. Show the…

A: As we answer only 3 subparts and the question has more than 3 subparts, we would be answering the…

Q: On the graph below, the consumer begins at L1. The relative prices change to L2. Complete the table…

A: Utility refers to the amount of satisfaction received by the consumers from the consumption of a…

Q: Q. 1 Suppose Gregg consumes chocolate candy bars and oranges. He is given four candy bars and three…

A: (Since you have posted multiple questions, we will answer the first one for you. If you want a…

Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Since you have asked multiple questions, we will answer the first question for you. If you require…

Q: Use this information to answer the following 4 questions: Marie has a weekly budget of $24, which…

A: Hi Student, thanks for posting the question. As per the guideline, we are providing answer for the…

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: Mr. Robinson makes $200 a week and spends his entire income on running shoes and basketball shorts.…

A: Income = 200 per week Cost of Running Shoes = 20 Cost of Basketball Shorts = 20

Q: Lucas has $40 per week that he can spend on lemon soda (X) and chips (Y). The price of the lemon…

A: The budget refers to the total income of a consumer which can be used to buy a given level of goods,…

Q: What do you understand by price line and budget line? Assuming that a consumer has a monthly income…

A: Budget Line(BL) shows all of the possible combinations of two goods that a consumer can purchase,…

Q: In economics, we have learned that related goods’ price does matter. Given the budget constraint and…

A: Related goods are of two types complementary and substitute. Complementary commodities are those…

Q: Think of a consumer who has a 200 000 euros income and can spend them on an opera, paying a price of…

A: Given, Consumer's income = 200000 Price of an opera ticket = 150 Price of a rural tour = 500

Q: Brenda wants to buy a new car and has a budget of $24,000. She has just found a magazine that…

A: a) The budget line would be given as PX*X+PY*Y= M Given the price of car increases by $4000 when one…

Q: I have to create a budget constraint for two cars with the median income. However, the income is…

A: This chapter is related to budget. A budget is an estimate of income and expenditure for a future…

Q: 19. Suppose Alphonso's town raises the price of bus tickets from $0.50 to $1 and the price of…

A: Given values in the Question are following -:…

Q: As a college student you work at a part-time job, but your parents also send you a monthly…

A: Budget constraint line shows the different possible combination of goods that can be purchased…

Q: Budget Constraint) Put meat on horizontal and potatoes on vertical axis.1. (Day 1) Suppose your…

A:

Q: Use this information to answer the following 4 questions: Marie has a weekly budget of $24, which…

A: Budget constraint refers to those consumption bundle which are beyond the purchasing power of the…

Q: Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500.…

A: A budget line illustrates the combinations of two goods that are affordable to a consumer with a…

Q: 26. If we observe that a consumer's budget constraint has shifted inward, we can assume that the…

A: Consumer's budget constraint shift inward during a decrease in income.

Q: Assume that Sara has $800 per month to divide between playing golf and playing paint ball . Assume…

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

Q: Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500.…

A: Monthly income = $1500 Price of meatloaf = $375Price of pineapple = $150

Q: Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500.…

A: Budget line refers to the graphical representation of a budget constraint. It shows the maximum…

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

A: Consumer theory studies the behavior of consumers how they spend their income based on their…

Q: Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500.…

A:

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: True or false.  A budget constraint, budget line or budget set is a graphical way to illustrate all…

A: It's vital to remember that the slope of the budget line equals the cost ratio of two commodities.…

Q: Lucas has $40 per week that he can spend on lemon soda (X) and chips (Y). The price of the lemon…

A: Part A: The budget constraint of Individual L is given below: QX×PX+QY×PY=Y 2QX+4QY=40 Part B:…

Q: The prices of good A and good B are $3 and $2 respectively. Theodore has a budget of $29 to…

A: Price of A = 3 Price of B = 2  Income = 29  Consumption Bundle = (7 ,4 ) Budget line => 3A + 2B =…

Q: Suppose Raymond decides to cut his monthly budget in half. Coincidentally, the next time he shops,…

A: *Answer:

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

A: Answer: (1). According to the above figure, the consumer consumes 10 units of good X at point A.…

Q: Kali lives on mangoes and avocados, Pm = $5, Pa = $10, and her income is $200.Identify her budget…

A: Budget line shows all the combination of goods that a consumer can consume with the given prices and…

Q: Considering the following Diagram of consumer equilibrium, answer the following questions.…

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

Q: Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500.…

A: Raymond's preferences: Meatloaves (M) Pineapples (P) Monthly budget = $1500 Cost of one meatloaf =…

Q: Suppose a person allocates a given budget between food and clothing. If food is an inferior good can…

A: Demand for Inferior goods decline with an increase in income.

Q: Suppose Victoria has a budget of $66 that she spends on movies (Q1) and roller skating (Q:). The…

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

Q: 1 Suppose Gregg consumes chocolate candy bars and oranges. He is given four candy bars and three…

A: Given,   Number of candy bars (C) = 4  Number of oranges (Or) = 3  Buying and selling price of candy…