1. Assume that data in the accompanying table give an indifference curve for Amrey. Graph this curve, putting A on the vertical axis and B on the horizontal axis. Assuming that prices of A and B are 1.50 and 1.00 peso, respectively, and that Amrey has 24 pesos to spend, add his budget line to your graph. What combination of A and B will Amrey purchase? Does your answer meet the MRS-MRMS for equilibrium? Combination A B C D Units of A 16 12 8 4 Units of B 6 8 12 24

1. Assume that data in the accompanying table give an indifference curve for Amrey. Graph this curve, putting A on the vertical axis and B on the horizontal axis. Assuming that prices of A and B are 1.50 and 1.00 peso, respectively, and that Amrey has 24 pesos to spend, add his budget line to your graph. What combination of A and B will Amrey purchase? Does your answer meet the MRS-MRMS for equilibrium? Combination A B C D Units of A 16 12 8 4 Units of B 6 8 12 24

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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