None Jackson consumes bananas and mangos. He receives an income of $14 per week to spend on these two goods. The price of abanana is $1, and the price of a mango is $2.Part 1: If Jackson consumes 0 bananas per week, how many mangos can he afford per week?Answer: 14/2=7 mangos per weekPart 2: If Jackson consumes 4 bananas per week, how many mangos can he afford per week?Answer: 4(1)=$4-> 14-4-10 -> 10/2-5 mangos per weekPart 3: If Jackson consumes 8 bananas per week, how many mangos can he afford per week?Answer: 8(1)=8 -> 14-8=6 -> 6/2=3 mangos a week

Part 3:If Jackson consumes 8 bananas per week, how many mangos can he afford?Cost of 8 bananas: 8 *…

Answered: Jackson consumes bananas and mangos. He…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter21: Demand: Consumer Choic

Section: Chapter Questions

Problem 10E

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Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $1.00 and the price of a banana is $0.50. If the consumer decides to buy 4 apples, how many bananas can she also buy with the remainder of her budget, assuming she exhausts her income? 12 bananas 5 bananas 8 bananas 15 bananas
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Megan likes to eat toast with hazelnut spread and drink wine. She enjoys these items in very specific proportions: For every piece of toast with hazelnut spread she eats, she drinks exactly one glass of wine, and vice versa. Megan can purchase the hazelnut spread for her toast in two jar sizes: 20 ounces and 40 ounces. Megan cares only about the total amount of hazelnut spread she has available and not at all about the jar size. In other words, she's just as happy with two 20-ounce jars as she is with one 40-ounce jar. In this scenario, toast with hazelnut spread and glasses of wine are Two possible bundles of toast with hazelnut spread and glasses of wine are shown on the following graph, labeled A and B. Using three purple points (diamond symbol), plot Megan's indifference curve that passes through point A (11). Then, using three orange points (square symbol), plot Megan's indifference curve that passes through point B (I2). Hint: To plot both indifference curves, place one point on…
Suppose that with a budget of $100, Deborah spends $60 on sushi and $40 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. But then, after the price of bagels falls to $1 per bagel, she spends $50 on sushi and $50 on bagels. How many pieces of sushi and how many bagels did Deborah consume before the price change? At the new prices, how much money would it have cost Deborah to buy those same quantities (the ones that she consumed before the price change)? Given that it used to take Deborah’s entire $100 to buy those quantities, how big is the income effect caused by the reduction in the price of bagels?
Marie has a weekly budget of $24, which she likes to spend on magazines and pies. 1) If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week? 2) If the price of a pie is $12, what is the maximum number of pies she could buy in a week?
Q1: Zainab has a weekly budget of $48, which she likes to spend on magazines and pies. A. If the price of a magazine is $8 each, what is the maximum number of magazines she could buy in a week? B. If the price of a pie is $24, what is the maximum number of pies she could buy in a week?
Suppose your only source of income is work and that you are paid $20 per hour. This determines a budget constraint. You can buy free time at the expense of your income by working less. Likewise, you can get more income at the expense of your free time by working more. Suppose that you can choose how many hours you work. 2. Calculate your weekly income if you work 40 hours per week. Now suppose that your hourly rate drops to $15 because of an economic downturn and you decide to work 43 hours a week. How much is your weekly income going to be? (Show your calculations)
pats >125 per week to spend on peanut butter and carrots in the fixed ratio of 1 pound of peanut butter to 4 pounds of carrots. Peanut butter costs $1 per pound and carrots cost $0.5 per pound Suppose the price of carrots were to rise from $05 to $1 per pound. By how much will Tom have to reduce his consumption of carrots
Marie has a weekly budget of $2400, which she likes to spend on magazines and pies. If the price of one magazine is $40, what is the maximum number of magazines she can buy in a week? If the price of a pie is $120, what is the maximum number of pies she can buy in a week? Compute and show Marie’s budget schedule for pies and magazines. Draw Marie’s budget line with pies on the horizontal axis and magazines on the vertical axis.
Kai’s current marginal utility from consuming orange juice is 50 utils per ounce and her marginal utility from consuming coffee is 50 utils per ounce. If orange juice costs $0.25 per ounce and coffee costs $0.20 per ounce, is Kai maximizing her total utility from the two beverages? Instructions: Enter your responses as whole numbers. At her current level of consumption, Kai receives: utils per dollar spent on orange juice.At her current level of consumption, Kai receives: utils per dollar spent on coffee.Therefore, Kai maximizing her total utility because MUoj/Poj is MUc/Pc. Kai’s current marginal utility from consuming orange juice is 50 utils per ounce and her marginal utility from consuming coffee is 50 utils per ounce. If orange juice costs $0.25 per ounce and coffee costs $0.20 per ounce, is Kai maximizing her total utility from the two beverages? Enter your responses as whole numbers. At her current level of consumption, Kai receives: utils per dollar…

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