2. Joe's income is $30 and he spends all of his income on apples and bananas. The price of bananas is stable at $1 each, while the price of apples changes over time. Below is listed the number of bananas and apples Joe bought in different situations: Price of apples Quantity of apples Quantity of bananas $3 3 21 $2 6 18 $1 14 16 Situation 1 Situation 2 Situation 3 a) Draw a graph with the three budget constraints for each of these situations. Put apples on the horizontal axis and bananas on the vertical axis and include the vertical and horizonta intercepts. Add indifference curves for each situation and indicate Joe's optimal bundle of apples and bananas on each indifference curve. h). Use this granh to derive thres points on Ins's demand cumue for appler

2. Joe's income is $30 and he spends all of his income on apples and bananas. The price of bananas is stable at $1 each, while the price of apples changes over time. Below is listed the number of bananas and apples Joe bought in different situations: Price of apples Quantity of apples Quantity of bananas $3 3 21 $2 6 18 $1 14 16 Situation 1 Situation 2 Situation 3 a) Draw a graph with the three budget constraints for each of these situations. Put apples on the horizontal axis and bananas on the vertical axis and include the vertical and horizonta intercepts. Add indifference curves for each situation and indicate Joe's optimal bundle of apples and bananas on each indifference curve. h). Use this granh to derive thres points on Ins's demand cumue for appler

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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