- find jose's budget constraint • find the price of each good • find the maximum consumption for each good based on his budget constraint . identify how to calculate the maximum consumption . identify where is this maximum consumption located on the graph . find on the graph Jose's specific combination choices of both goods identify and calculate the slope of jose's budget constraint explain that slope in a sentence, as learned in class. .
- find jose's budget constraint • find the price of each good • find the maximum consumption for each good based on his budget constraint . identify how to calculate the maximum consumption . identify where is this maximum consumption located on the graph . find on the graph Jose's specific combination choices of both goods identify and calculate the slope of jose's budget constraint explain that slope in a sentence, as learned in class. .
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question

Transcribed Image Text:Movies
8
7-
2-
1
0
W
2
• find Jose's budget constraint
. find the price of each good
UTICO
T-shirts
Figure 6.2 A Choice between Consumption Goods José has income of $56. Movies cost $7 and T-shirts cost
$14. The points on the budget constraint line show the combinations of affordable movies and T-shirts.
Instructions:
1. Go to the textbook and analyze the Figure 6.2A exercise in Section 6.1.
Think of the paragraph as an exercise and transform the information in data:
5
• find the maximum consumption for each good based on his budget constraint
identify how to calculate the maximum consumption
W
• identify where is this maximum consumption located on the graph
• find on the graph Jose's specific combination choices of both goods
identify and calculate the slope of Jose's budget constraint
. explain that slope in a sentence, as learned in class.
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