b. Assume that Mania has $1,200 per month to spend between dinners at a Japanese restaurant and evenings at Cru, a local bar. Assume that going to Cru costs $25 and eating at the restaurant costs $14. a. Draw Mania's budget constraint with restaurants on the horizontal axis. b. Suppose Mania comes into some money and can now spend an extra $200 per month. Draw her new budget constraint. c. Suppose the price of restaurants decrease to $12, while her income and the price of Cru is unchanged. Illustrate what happens to her bud line.

b. Assume that Mania has $1,200 per month to spend between dinners at a Japanese restaurant and evenings at Cru, a local bar. Assume that going to Cru costs $25 and eating at the restaurant costs $14. a. Draw Mania's budget constraint with restaurants on the horizontal axis. b. Suppose Mania comes into some money and can now spend an extra $200 per month. Draw her new budget constraint. c. Suppose the price of restaurants decrease to $12, while her income and the price of Cru is unchanged. Illustrate what happens to her bud line.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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