Case (D Q(A): Suppose the price of X is $15 and the price of Y is $20 and an Income is $600. A. Sketch () the household budget constraint. (X on Horizontal and Y on Vertical axis) B. Find the Slope of the budget constraint. C. Suppose the household income decreased to $450. Sketch the new budget constraint. D. Suppose the Price of X increases to $20. Sketch the new budget constraint. (I =$600). Q(B): Assume that Jamal has $28 to spend on food and transportations each month. food cost $4 each meal, and transportation costs $2 each. Jamal's preferences for food and transportations are summarizedby the following information: QTu Mus Mu/P, Q, Tu Mu, Mu, /P, 00 1 24 2 3 62 4 78 5 90 6 96 7 - 00 1 10 - 20 2 8 31 3 25 7 4 5 5 6 40 4 7 43 A. complete the table above. B. Based on the data in the table, how many meals and trips should Jamal purchase, and what is her total utility from the purchase? Explain.
Case (D Q(A): Suppose the price of X is $15 and the price of Y is $20 and an Income is $600. A. Sketch () the household budget constraint. (X on Horizontal and Y on Vertical axis) B. Find the Slope of the budget constraint. C. Suppose the household income decreased to $450. Sketch the new budget constraint. D. Suppose the Price of X increases to $20. Sketch the new budget constraint. (I =$600). Q(B): Assume that Jamal has $28 to spend on food and transportations each month. food cost $4 each meal, and transportation costs $2 each. Jamal's preferences for food and transportations are summarizedby the following information: QTu Mus Mu/P, Q, Tu Mu, Mu, /P, 00 1 24 2 3 62 4 78 5 90 6 96 7 - 00 1 10 - 20 2 8 31 3 25 7 4 5 5 6 40 4 7 43 A. complete the table above. B. Based on the data in the table, how many meals and trips should Jamal purchase, and what is her total utility from the purchase? Explain.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Transcribed Image Text:Case (D
Q(A): Suppose the price of X is $15 and the price of Y is $20 and an Income is $600.
A. Sketch () the household budget constraint. (X on Horizontal and Y on Vertical axis)
B. Find the Slope of the budget constraint.
C. Suppose the household income decreased to $450. Sketch the new budget constraint.
D. Suppose the Price of X increases to $20. Sketch the new budget constraint. (I =$600).
Q(B): Assume that Jamal has $28 to spend on food and transportations each month. food
cost $4 each meal, and transportation costs $2 each. Jamal's preferences for food and
transportations are summarizedby the following information:
QTu Mus Mu/P, Q, Tu Mu, Mu, /P,
00
1 24
2
3 62
4 78
5
90
6 96
7
-
00
1 10
-
20
2
8
31
3 25 7
4
5
5
6 40
4
7 43
A. complete the table above.
B. Based on the data in the table, how many meals and trips should Jamal purchase,
and what is her total utility from the purchase? Explain.
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