Budget Selections to Build Demand As a commuter you have a budget of $250 to spend on gasoline each month. You drive a car that gets 20 miles per gallon (MPG). You can purchase 100 gallons of gasoline per month at the current price of $2.50 per gallon Demand Schedule Price Quantity Commuting Errands Social Activities Vacations $2.50 97.5 Drive Alone (700 miles) Small Trips as Needed (550 miles) Trips to City (350 miles) Out of State (350 miles) $3.00 Current price: $3.00/gallon Car Pool (425 mies) 2x per week (300 milel Trips to Local Park (120 miles) In State (200 miles) Add to schedule $3.50 Public Transportation (60 miles) 1 Tripper Week (150 ml) Stay in Neighborhood (40 miles) Staycation (50 ml) $4.00 QUANTITY 35 175 175 97.5 gallons $4.50 . COST $105.00 142.50 $52.50 $292.50 of $250
Budget Selections to Build Demand As a commuter you have a budget of $250 to spend on gasoline each month. You drive a car that gets 20 miles per gallon (MPG). You can purchase 100 gallons of gasoline per month at the current price of $2.50 per gallon Demand Schedule Price Quantity Commuting Errands Social Activities Vacations $2.50 97.5 Drive Alone (700 miles) Small Trips as Needed (550 miles) Trips to City (350 miles) Out of State (350 miles) $3.00 Current price: $3.00/gallon Car Pool (425 mies) 2x per week (300 milel Trips to Local Park (120 miles) In State (200 miles) Add to schedule $3.50 Public Transportation (60 miles) 1 Tripper Week (150 ml) Stay in Neighborhood (40 miles) Staycation (50 ml) $4.00 QUANTITY 35 175 175 97.5 gallons $4.50 . COST $105.00 142.50 $52.50 $292.50 of $250
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Budget Selections to Build Demand As a commuter you have a budget of $250 to spend on gasoline each month. You drive a car that gets 20 miles per gallon (MPG). You can purchase 100 gallons of gasoline per month at the current price of $2.50 per gallon. Demand Schedule Price Quantity Commuting Errands Mp Social Activities Vacations $2.50 97.5 Drive Alone (700 miles) Small Trips as Needed (550 miles) Trips to City (350 miles) Out-of-State (350 miles) $3.00 Current price: $3.00/gallon Car Pool (425 miles) 2x per week (300 miles) Trips to Local Park (120 miles) In-State (200 miles) Add to schedule Previous $3.50 Public Transportation (60 miles) Next 1 Trip per Week (150 miles) Stay in Neighborhood (40 miles) > Stay-cation (50 miles) $4.00 QUANTITY 35 27.5 17.5 17.5 97.5 gallons Keynote $4.50 COST $105.00 $82.50 $52.50 $52.50 $292.50 of $250
Transcribed Image Text:Budget Selections to Build Demand
As a commuter you have a budget of $250 to spend on gasoline each month. You drive a car that gets 20 miles per
gallon (MPG). You can purchase 100 gallons of gasoline per month at the current price of $2.50 per gallon
Demand Schedule
Price
Quantity
EP
Commuting
Errands
Social Activities
Vacations
$2.50
97.5
Drive Alone
(700 miles)
Small Trips as Needed
(550 miles)
Trips to City
(350 miles)
Out-of-State
(350 miles)
$3.00
Current price: $3.00/gallon
Car Pool
(425 miles)
2x per week
(300 milel
Trips to Local Park
(120 miles)
In State
(200 miles)
Add to schedule
<Previous
$3.50
Public Transportation
(60 miles)
Next
1 Trip per Week
(150 ml)
Stay in Neighborhood
(40 miles)
Stay-cation
(50 ml)
$4.00
QUANTITY
35
27.5
175
17.5
97.5
gallons
Keynote
$4.50
COST
$105.00
182.50
$52.50
$52.50
$292.50
of $250
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