10. Deriving demand from an indifference map Teresa lives in Denver and enjoys drinking lattes and eating scones. The price of a latte is held constant at $3 throughout this problem. On the following diagram, the purple curves (11 and 12) represent two of Teresa's indifference curves. The lines BL₁ and BL2 show two budget lines. Points X and Y show Teresa's consumer equilibriums subject to these budget lines. QUANTITY OF LATTES 20 18 16 14 2 0 0 2 4 BL 6 8 10 12 14 QUANTITY OF SCONES 16 BL 18 20 Given the previous graph and knowing the price of a latte is $3, Teresa's budget is $ Price When Teresa's budget line is... (Dollars per scone) Using the budget amount you previously computed, complete the following table by finding the price of a scone when BL₁ represents Teresa's budget line and when BL2 represents her budget line. Then indicate the quantity of scones consumed in each of those scenarios. (?) Consumption (Scones)

10. Deriving demand from an indifference map Teresa lives in Denver and enjoys drinking lattes and eating scones. The price of a latte is held constant at $3 throughout this problem. On the following diagram, the purple curves (11 and 12) represent two of Teresa's indifference curves. The lines BL₁ and BL2 show two budget lines. Points X and Y show Teresa's consumer equilibriums subject to these budget lines. QUANTITY OF LATTES 20 18 16 14 2 0 0 2 4 BL 6 8 10 12 14 QUANTITY OF SCONES 16 BL 18 20 Given the previous graph and knowing the price of a latte is $3, Teresa's budget is $ Price When Teresa's budget line is... (Dollars per scone) Using the budget amount you previously computed, complete the following table by finding the price of a scone when BL₁ represents Teresa's budget line and when BL2 represents her budget line. Then indicate the quantity of scones consumed in each of those scenarios. (?) Consumption (Scones)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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