Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 2, Problem 19CTQ

Suppose Alphonso’s town raises the price of bus tickets from $ 0. 5 0 to $ 1 and file price of burgers rises from $ 2 to $ 4 .

Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsn’s weekly spending money increases from $ 1 0 to $ 2 0 .

How is his budget constraint affected from all three changes? Explain.

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Raymond consumes meatloaves and pineapples. He has decided that hismonthly budget will be $1500. Suppose that one meatloaf costs $375, while onepineapple costs $150.i. What is the expression for Raymond’s budget constraint? ii. Draw a graph of Raymond’s budget line (meatloaf on the y axis).

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Principles of Economics 2e

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