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- Nick brings $25 to a baseball game to spend on hot dogs and beer. The following diagram shows his budget constraint: 10 9. ВС 8. 7 BC 1 2 3 4 5 6 7 8 9 10 HOT DOGS According to the diagram, hot dogs cost $ each, and beer costs $ per glass. Adjust the diagram to show how Nick's budget constraint would change if he had brought more money to the ballpark. (Assume the prices of hot dogs and beer remain the same.) Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will 9, 4. 2. GLASSES OF BEER2. Shifts in a budget constraint Nick brings $25 to a baseball game to spend on sodas and pizza. The following diagram shows his budget constraint: SLICES OF PIZZA 10 9 8 7 CO 50 4 3 2 1 0 0 1 + 2 3 4 BC 5 SODAS According to the diagram, sodas cost $ 6 + 7 + 8 9 10 each, and pizza costs $ BC ? per slice. Adjust the diagram to show how Nick's budget constraint would change if he had brought less money to the ballpark. (Assume the prices of sodas and pizza remain the same.) Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.7- Define the budget constraint and what does the slope of the budget constraint represent?
- 2. Shifts in a budget constraint Nyheim brings $60 to his local college volleyball game in order to purchase cheeseburgers and seltzer. The following diagram presents his budget constraint: CANS OF SELTZER 30 27 24 21 18 15 12 9 6 3 0 O 0 4 + 8 BC 12 16 20 24 CHEESEBURGERS 28 32 According to the diagram, cheeseburgers cost $ 36 40 BC each, and seltzer costs $ per can. Adjust the diagram to show how Nyheim's budget constraint would change if he had brought more money to the arena. (Assume the prices of5. Suppose that by some miracle the number of hours in the day increased from 24 to 30 hours (with luck this would happen shortly before exam week). How would this affect the budget constraint?Question 25 Burritos 9 8 16500 7 4 321 1 2 3 4 5 10 7 Salads The graph shown represents Sophia's budget constraint. If the price of salads is $5, what is Sophia's budget? O $25 O $5 This question cannot be answered without more information. $40
- 7. Shifts in a budget constraint Van brings $20 to a baseball game to spend on sodas and pizza. The following diagram shows his budget constraint: (? 10 BC 7 6 2 1 BC 1. 2 3 4 5 6 7 8 9 10 SODAS According to the diagram, sodas cost $ each, and pizza costs $ per slice. Adjust the diagram to show how Van's budget constraint would change if he had brought more money to the ballpark. (Assume the prices of sodas and pizza remain the same.) SLICES OF PIZZAClancy brings $50 to a baseball game to spend on hot dogs and beer. The following diagram shows his budget constraint: 20 18 BC 16 14 12 10 4. вс 4 6 8 10 12 14 16 18 20 HOT DOGS According to the diagram, hot dogs cost $5 each, and beer costs S5 per glass. Adjust the diagram to show how Clancy's budget constraint would change if he had brought less money to the ballpark. (Assume the prices of hot dogs and beer remain the same.) GLASSES OF BEER8. Problems and Applications Q8 Consider your decision about how many hours to work. The following graph shows your budget constraint assuming that you pay no taxes on your income. On the following graph, show the effect of a 15 percent income tax on your budget constraint. Deborah is awake for 100 hours per week. Use the green line (triangle symbol) to draw Deborah's budget constraint if she earns $12 per hour. Then use the blue line (circle symbol) to draw her budget constraint if she earns $16 per hour. Finally, use the purple line (diamond symbol) to draw her budget constraint if she earns $20 per hour.
- Reference Microeconomics Mankiw Chapter 21 The theory of Consumer Choice Assume that Sarah is awake for 100 hours per week. a.) Use a diagram to show Sarah’s budget constraints if she earns $6 per hour, $8 per hour, and $10 per hour. Your diagram should have consumption (as measured in dollars) on the y-axis and hours of leisure per week on the x-axis. Do not count the time that Sarah sleeps as “leisure” in your analysis. Assume that Sarah allocates each of the 100 hours that she is awake each week either to labor or to leisure. b) Now draw indifference curves on your diagram such that Sarah’s labor supply curve is upward sloping when her wage is between $6 and $8 per hour, but is downward sloping when her wage is between $8 and $10 per hour. c) Use words to explain why your graph suggests that the supply curve is upward sloping when the wage is between $6 and $8 per hour and is downward sloping when the wage is between $8 and $10 per hour.You do NOT need to draw the corresponding…-A Suppose that with a budget of $160, Fatima spends $96 on sushi and $64 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. Then, after the price of bagels falls to $1 per bagel. Instructions: Enter your answers as a whole number. How many pieces of sushi and how many bagels did Fatima consume before the price change? pieces of sushi and bagels At the new prices, how much money would it have cost Fatima to buy those same quantities (that is, the quantities that she consumed before the price change)? Given that it used to take Fatima's entire $160 to buy those quantities, how big is the income effect caused by the lower price of bagels?- Suppose the price of Pizza is $10 the price of cola is $1, and the consumer's income is $60. In addition, suppose the consumer's budget constraint measures pizza on the horizontal axis and cola on the vertical axis. If the consumer's income rises to $100 while the prices of pizza and cola are constant, then the budget line for pizza and cola would ? a- not change b- now intersect the horizontal axis at 12 pizzas and the vertical: axis at 120 colas c- now intersect the horizontal axis at 10 pizzas and the vertical axis at 100 colas d- would rotate along the cola axis
