We use a Budget Constraint model to interpret and analyze the economizing problem for an individual.Lydia is a consumer who has a $10 budget for fruit. She buys peaches and oranges. The nominal price of a peach is $1and the nominal price of an orange is $2. Please use paper to graph and answer/calculate the following questions.1. Graph her Budget line2. The slope of the budget line is:3. Lydia's opportunity cost of a peach is:4. Lydia's opportunity cost of an orange is:5. Suppose the price of a peach increases to $1.50 per peach, and the price of an orange stays the same, as doesthe budget.a. Lydia's new opportunity cost of an orange is:b. The new slope of the budget line is:6. Now suppose the price of a peach and the budget is the same as at the initial level and the price of an orangehas decreased to $1.50.a. Lydia's new opportunity cost of an orange is:b. The new slope of the budget line is:7. Now suppose that prices of both peach and orange are the same as at initial level but her budget hasincreased to $12.a. Lydia's new opportunity cost of a peach is:b. New slope of the budget line is:8. On another page, graph your answers to #5, #6, & #7

There are two goods, i.e., peaches and oranges. Let's denote Peaches by P and Oranges by O Budget…

Answered: Lydia is a consumer who has a $10…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Henry has $450 to spend on movies and concerts. Suppose the price of a movie ticket is $15 and the price of a concert ticket is $90. Draw Henry's budget line. Your graph should include labels for your axes, and you should note the quantities at which the budget line meets each axis. Label Henry's budget line "BL" Next, suppose that the price of concert tickets drops to $75. Draw Henry's new budget line, and label it 'BL2'.
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The question says Olivias favorite Mexican snacks include flautas and sopapitas. If her $12 budget is represented in the graph The price of flauta is ___ and sopapitas is ___? Select one a. $2 ; $4 b.$3 ; $4 c.$4 ; $3 d.$6 ; $3 Graph is given.
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Explain the meaning of a budget line? B. Explain the effect of the following on the budget line if money income (a) increases and (b) decreases? C. Explain the effect of the following on the budget line if the price of the product shown on the horizontal axis (c) increases and (d) decreases?
Parts d-h please!
fast answer
You have $40 each week to spend on sporting activities (tennis and golf). A tennis match costs $4 and a game of golf costs $2. A match of tennis lasts one hour and a game of golf lasts 3 hours. Each week you have only 15 hours of leisure allocated for sports. 3. Draw your budget line/curve in a diagram measuring matches of tennis on the horizontal axis.
Consider a graph with paper on the x-axis and pencils on the y-axis. If the price of pencils increases, then (select all that apply): Check All That Apply the budget constraint will become steeper (the absolute value of the slope will increase).the budget constraint will become steeper (the absolute value of the slope will increase). the budget constraint will become flatter (the absolute value of the slope will decrease). the budget constraint will become flatter (the absolute value of the slope will decrease). the slope of the budget constraint will not change.the slope of the budget constraint will not change. the x-intercept will increase.the x-intercept will increase. the x-intercept will decrease.the x-intercept will decrease. the x-intercept will not change.the x-intercept will not change. the y-intercept will increase.the y-intercept will increase. the y-intercept will decrease.the y-intercept will decrease. the y-intercept will not…
Figure Figure 2 I 10 10 15 30 Oranges (number per weook) Hotdogs (number per week) 2. Mary has Php 10 to spend each week on coffee (Qc) and magazines (Qm). The price of a coffee is Php 1, and the price of a magazine is Php 2. (10 points) а. What is Mary's budget equation? b. Draw Mary's Budget line. Apples (number per week) Hamburgers (number per woek)

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