A consumer is choosing between magazines and books. His indifference curves are shown on the graph to the right. Consumer income allocated for these two goods is equal to $150. The price of magazines (P,) is constant and equal to $5.00. 1.) Use the line drawing tool to draw four separate budget constraints for the following prices for books: P¹ = $3.00, P₂² = $5.00, P3 = $7.50, P4 = $15.00 Properly label the lines. 2.) Use the line drawing tool to draw a price-consumption curve given the defined consumer optimums. Properly label this line. Carefully follow the instructions above, and only draw the required objects. Magazines 50 45- 40- 35- 30- 25- 20- 15- 10+ 5- 0- 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Books

A consumer is choosing between magazines and books. His indifference curves are shown on the graph to the right. Consumer income allocated for these two goods is equal to $150. The price of magazines (P,) is constant and equal to $5.00. 1.) Use the line drawing tool to draw four separate budget constraints for the following prices for books: P¹ = $3.00, P₂² = $5.00, P3 = $7.50, P4 = $15.00 Properly label the lines. 2.) Use the line drawing tool to draw a price-consumption curve given the defined consumer optimums. Properly label this line. Carefully follow the instructions above, and only draw the required objects. Magazines 50 45- 40- 35- 30- 25- 20- 15- 10+ 5- 0- 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Books

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Revenue and Costs ($) TC P61 Given TFC = $40.00 Q1 = 30.00 Q2 = 40.00 TR P6 P5 Q3 = 50.00 Q4 = 80.00 Q5 = 86.00 P4. P1 = $40.00 P2 = $50.00 P3 = $60.0o P4 = $150.00 P5 = $200.00 P6 = $210.00 P61 = $320.00 P3 P2 P1 Q1 Q2 Q4 Q5 Q3 Exhibit TR-TC Output (Q) Refer to Exhibit TR-TC for a typical competitive firm. At an output level of Q5, the firm's losses is about O $100.00 O $90.00 O $110.00 O $120.00
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