Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 9, Problem 17APA
To determine
M’s budget line.
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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.
Maria spends all of her income of $2,000 on food (F) and clothing (C). The prices per unit are: PF = $5 and PC = $20.
Graph Maria’s budget line, with F on the vertical axis and C on the horizontal axis.
The slope of the budget line is the
Chapter 9 Solutions
Macroeconomics
Ch. 9.1 - Prob. 1RQCh. 9.1 - Prob. 2RQCh. 9.1 - Prob. 3RQCh. 9.1 - Prob. 4RQCh. 9.1 - Prob. 5RQCh. 9.2 - Prob. 1RQCh. 9.2 - Prob. 2RQCh. 9.2 - Prob. 3RQCh. 9.2 - Prob. 4RQCh. 9.3 - Prob. 1RQ
Ch. 9.3 - Prob. 2RQCh. 9.3 - Prob. 3RQCh. 9.3 - Prob. 4RQCh. 9.3 - Prob. 5RQCh. 9 - Prob. 1SPACh. 9 - Prob. 2SPACh. 9 - Prob. 3SPACh. 9 - Prob. 4SPACh. 9 - Prob. 5SPACh. 9 - Prob. 6SPACh. 9 - Prob. 7SPACh. 9 - Prob. 8SPACh. 9 - Prob. 9SPACh. 9 - Prob. 10SPACh. 9 - Prob. 11SPACh. 9 - Prob. 12APACh. 9 - Prob. 13APACh. 9 - Prob. 14APACh. 9 - Prob. 15APACh. 9 - Prob. 16APACh. 9 - Prob. 17APACh. 9 - Prob. 18APACh. 9 - Prob. 19APACh. 9 - Prob. 20APACh. 9 - Prob. 21APACh. 9 - Prob. 22APACh. 9 - Prob. 23APACh. 9 - Prob. 24APACh. 9 - Prob. 25APACh. 9 - Prob. 26APACh. 9 - Prob. 27APACh. 9 - Prob. 28APACh. 9 - Prob. 29APACh. 9 - Prob. 30APA
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- 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.arrow_forwardWhat is a budget line slope calledarrow_forwardIf 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 inwardarrow_forward
- Suppose a consumer has a budget for fast-food items of $60 per week and spends this money on two goods, hamburgers and pizzas. Suppose hamburgers cost $10 each and pizzas cost $20. Put the quantity of hamburgers purchased per month on the horizontal axis and the quantity of pizzas purchased per month on the vertical axis. Draw the budget line. What is its slope?arrow_forwardWhat is a budget linearrow_forwardJerry has $12 a week to spend on yogurt and magazines. The price of yogurt is $2, and the price of a magazine is $4. a. List the combinations of yogurt and magazines that Jerry can afford. Draw a graph of Jerry’s budget line with the quantity of magazines plotted on the x-axis.arrow_forward
- With the help of a graph, explain how the decrease in the income affect the consumer's choice for normal goods?arrow_forwardThe 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?arrow_forwardIf 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.arrow_forward
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