4. Indifference Curve and Budget Line Annie has an income of $160 an hour. Popcorn costs $5 a bag, and costs $4 a six-pack of energy drink A). Draw a graph of Annie's budget line with six-pack of energy drink on the x- axis, and popcorn on the y-axis. b.) If we know that Annie maximizes her utility with the purchase of 20 bags of popcorn, how many six-pack energy drink she will purchase? (an estimate from your graph & actual calculation), draw an indifference curve reflecting this optimum.

4. Indifference Curve and Budget Line Annie has an income of $160 an hour. Popcorn costs $5 a bag, and costs $4 a six-pack of energy drink A). Draw a graph of Annie's budget line with six-pack of energy drink on the x- axis, and popcorn on the y-axis. b.) If we know that Annie maximizes her utility with the purchase of 20 bags of popcorn, how many six-pack energy drink she will purchase? (an estimate from your graph & actual calculation), draw an indifference curve reflecting this optimum.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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