MANKIW: PRINCIPLES OF MICROECONOMICS
8th Edition
ISBN: 9781337801775
Author: Mankiw
Publisher: CENGAGE L
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Question
Chapter 21.1, Problem 1QQ
To determine
The budget constraint of a person and its slope.
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A consumer has income of $3,000. Wine costs $3 a glass, and cheese costs $6 a pound. Draw the consumer’s budget constraint. What is the slope of this budget constraint?
A consumer has income of $3,000. Wine costs $3 per glass, and cheese costs $6. What is the slope of the budget constraint?
What is a budget constraint? A consumer has an income of $3000. Soda costs $3 per liter and cheese costs $6 per pound. Draw the consumer's budget constriaint with soda on the vertical axis. What is the slope of the budget constraint?
Chapter 21 Solutions
MANKIW: PRINCIPLES OF MICROECONOMICS
Ch. 21.1 - Prob. 1QQCh. 21.2 - Prob. 2QQCh. 21.3 - Prob. 3QQCh. 21.4 - Prob. 4QQCh. 21 - Prob. 1CQQCh. 21 - Prob. 2CQQCh. 21 - Prob. 3CQQCh. 21 - Prob. 4CQQCh. 21 - Prob. 5CQQCh. 21 - Prob. 6CQQ
Ch. 21 - Prob. 1QRCh. 21 - Prob. 2QRCh. 21 - Prob. 3QRCh. 21 - Prob. 4QRCh. 21 - Prob. 5QRCh. 21 - Prob. 6QRCh. 21 - Prob. 7QRCh. 21 - Prob. 1PACh. 21 - Prob. 2PACh. 21 - Prob. 3PACh. 21 - Prob. 4PACh. 21 - Prob. 5PACh. 21 - Prob. 6PACh. 21 - Prob. 7PACh. 21 - Prob. 8PACh. 21 - Prob. 9PACh. 21 - Prob. 10PACh. 21 - Prob. 11PACh. 21 - Prob. 12PA
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- draw the budget constraint for a person with income of $ 1000 if the price of pepsi is $5 and the price of pizza is $10 what is the slop of their budget constraintope of their budgetarrow_forwardA consumer has income of $3,000. Fresh Juice costs $3 per glass, and cheese costs $6 per pound. (a) Draw the consumer's budget constraint (put cheese on the horizontal axis). What is the slope of this budget constraint? (b) The price of cheese rises from $6 to $10 per pound, while the price of Fresh Juice remains $3 per glass. For a consumer with constant income of $3,000, show what happens to consumption of Fresh Juice and cheese (assuming both are normal goods). Decompose the change into income and substitution effects. Be sure to clearly mark all relevant information in your diagram.arrow_forwardThe graph shows the budget line for a consumer who only buys cookies and magazines. If the consumer's income is $20, what is the price of a cookie? Cookies (number per week) 24 20 16 8 0 2 4 6 8 10 12 Magazines (number per week)arrow_forward
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