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4. Which combinations of burritos and sodas are unaffordable--those to the left of the line in the graph or those above the line in the graph? Why?

4. Which combinations of burritos and sodas are unaffordable--those to the left of the line in the graph or those above the line in the graph? Why?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Use the following information to answer questions 1 through 8: A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. 1. What is the largest number of burritos that the student could afford to purchase in one month? 2. What is the largest number of sodas the student could afford to purchase in one month? 3. Draw the student's budget constraint. Put burritos on the x-axis and sodas on the y-axis. 60+ -50 40 -30 -20 -10+ 10 20 30 40 50 60
Transcribed Image Text:Use the following information to answer questions 1 through 8: A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. 1. What is the largest number of burritos that the student could afford to purchase in one month? 2. What is the largest number of sodas the student could afford to purchase in one month? 3. Draw the student's budget constraint. Put burritos on the x-axis and sodas on the y-axis. 60+ -50 40 -30 -20 -10+ 10 20 30 40 50 60
4. Which combinations of burritos and sodas are unaffordable--those to the left of the line in the graph or those above the line in the graph? Why? 5. Which combinations would leave some budget unspent - those to the left of the line in the above graph or those to the right of the line in the above graph? 6. What is the equation for the student's budget constraint? In your equation, use Q1 as the variable to represent the quantity of burritos and Q2 to represent the quantity of sodas. 7. What is the opportunity cost of a burrito? 8. What is the opportunity cost of a soda?
Transcribed Image Text:4. Which combinations of burritos and sodas are unaffordable--those to the left of the line in the graph or those above the line in the graph? Why? 5. Which combinations would leave some budget unspent - those to the left of the line in the above graph or those to the right of the line in the above graph? 6. What is the equation for the student's budget constraint? In your equation, use Q1 as the variable to represent the quantity of burritos and Q2 to represent the quantity of sodas. 7. What is the opportunity cost of a burrito? 8. What is the opportunity cost of a soda?
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what is the opportunity cost of a burrito? what is the opportunity cost of a soda?

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