Use this information to answer the following 4 questions: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. 24. If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week? 25. If the price of a pie is $12, what is the maximum number of pies she could buy in a week? 26. Draw Marie’s budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint? 27. What is Marie’s opportunity cost of purchasing a pie? I need help with number 26 and 27.
Use this information to answer the following 4 questions: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. 24. If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week? 25. If the price of a pie is $12, what is the maximum number of pies she could buy in a week? 26. Draw Marie’s budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint? 27. What is Marie’s opportunity cost of purchasing a pie? I need help with number 26 and 27.
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 1QR
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Use this information to answer the following 4 questions: Marie has a weekly budget of $24,
which she likes to spend on magazines and pies.
24. If the price of a magazine is $4 each, what is the maximum number of magazines she could
buy in a week?
25. If the price of a pie is $12, what is the maximum number of pies she could buy in a week?
26. Draw Marie’s budget constraint with pies on the horizontal axis and magazines on the
vertical axis. What is the slope of the budget constraint?
27. What is Marie’s
I need help with number 26 and 27.
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