please help me correct my mistake in this question. Please expain and show work so i may underdtand. Kimiko is planning a party to celebrate her birthday. She has decided to serve sushi and yakitori meat skewers. Eachserving of sushi is $8 and each yakitori is $2. Kimiko has $240 to spend on the party, and her budget line is shown below.Her friend Barry thinks there will not be enough food, so he gives Kimiko $80 more to spend on the party (she now has$320). Show Kimiko's new budget line in the graph below and answer the question.Which good will Kimiko buy more of?100She will buy the same amount of both.90Only Kimiko knows; the question does not provide80enough information.Yakitori skewers because they are cheaper, so theyoffer more bang for her buck.7060Sushi because she likes it better.5040302010BC20406080100120140160180200Quantity of YakitoriQuantity of Sushi

Answered: Kimiko is planning a party to celebrate…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please help me correct my mistake in this question. Please expain and show work so i may underdtand.

Kimiko is planning a party to celebrate her birthday. She has decided to serve sushi and yakitori meat skewers. Each
serving of sushi is $8 and each yakitori is $2. Kimiko has $240 to spend on the party, and her budget line is shown below.
Her friend Barry thinks there will not be enough food, so he gives Kimiko $80 more to spend on the party (she now has
$320). Show Kimiko's new budget line in the graph below and answer the question.
Which good will Kimiko buy more of?
100
She will buy the same amount of both.
90
Only Kimiko knows; the question does not provide
80
enough information.
Yakitori skewers because they are cheaper, so they
offer more bang for her buck.
70
60
Sushi because she likes it better.
50
40
30
20
10
BC
20
40
60
80
100
120
140
160
180
200
Quantity of Yakitori
Quantity of Sushi

Expert Solution

Step 1

A Budget is defined as the estimation of the revenue and expenses for a specified period of time. It is mostly utilized by the governments, firms and individuals.

A Budget Line, also known as the Budget Constraint, refers to all the combinations of two commodities which a consumer could afford at the given market prices, given his or her total income.

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