i need Q21 solution Question 16The following graph shows Sarah's budget line. Suppose the bus fare is $2.00. What is Sarah's weekly income?Sarah's Budget LineBus Rides18151296300123456Breakfast Combo9 10 11 Question 21What does an increase in the budget line represent?An increase in the consumer's budgetO An increase in pricesAn increase in the cost of productionO An increase in resourcesO It varies from case to caseO A decrease in resources

The graph shows budget line which shows different combinations of two goods that can be produced

Question 21 What does an increase in the budget line represent? An increase in the consumer's budget An increase in prices An increase in the cost of production O An increase in resources O It varies from case to case O A decrease in resources

Question 21 What does an increase in the budget line represent? An increase in the consumer's budget An increase in prices An increase in the cost of production O An increase in resources O It varies from case to case O A decrease in resources

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 9RQ: Explain why individuals make Choices that are directly on the budget constraint, rather than inside...

See similar textbooks

Related questions

Q: Suppose that the demand for toy drums is described by the equation Qp = 300 - 5p, and supply is Qs =…

A: Equilibrium condition is that condition where Demand is equal to supply. In this demand and supply…

Q: i need in words not handwritten or pic

A: Monopolistic competitive market is the market structure in which there are large number of buyers…

Q: 30) Suppose Brandon's indifference curves are 3 defined as U = (³)√√F¸ + (1)√FH S where F's is…

A: In, this question we are given with the Brandon's utility function as Here, Fs is the food…

Q: A monopolistic competitor has the following information about cost and demand. Quantity Price ($)…

A: Since you have posted multiple questions, we will provide the solution to only the first question as…

Q: Alternative 1 2 3 4 5 If the alternatives are independent and the MARR is 12% per year, the one(s)…

A: Internal rate of return refers to the rate at which the discounted present value of the future cash…

Q: Supply 500 250 50 Demand 1 million 2 million 3 million Qty (tons) 2011, the Thai government imposed…

A: The demand and supply mechanisms in the market deal to shift the firms' activities in the market and…

Q: d. Paul's 9. Paul considers goods 1 and 2 as perfect complements. Suppose prices and income change.…

A: Perfect complementary goods are those goods that are used together in the same proportion. The shape…

Q: If ExxonMobil invests in Venezuela's oil fields, it runs the risk that Venezuela will later…

A: A Nash Equilibrium is a fundamental concept in the field of game theory, which is a branch of…

Q: 10. Applying the rule of 78s to determine prepayment penalties Most installment loan contracts that…

A: * SOLUTION :- (10) Based on the given information the calculations are shown below.

Q: which of the two is Pareto optimal V= In x1 + 2 In x2 u= 2 In x1 + In x2

A: Given information Utility functions V= lnX1+2lnX2 U=2lnX1+lnX2

Q: 7-42 A new car dealer advertises financing at 0% inter- est over 4 years with monthly payments or a…

A: When the effects of compounding over time are considered, an effective annual interest rate is the…

Q: Question 7. Provide general formulations of the First and Second Welfare Theorems for an ex- change…

A: A state of the economy in which the market for all goods is clear, that is, the demand for all the…

Q: QUESTION 14 Consider a household with 2 spouses, Chandler and Ryan. Chandler can produce $120 of…

A: Given; Quantity of market good Chandler can produce in 1 day=$120 Quantity of home good Chandler can…

Q: The diagram to the right shows a market in which a price floor has been imposed Identify the…

A: Inefficient allocation of resource generates the dead-weight loss because it deviates the economy…

Q: Questions: Directions: Use the graph to answer the questions that follow $1,700.00 $1.600.00 $1.500.…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: 3 (Chapter 7 Costs) The firms cost curve is c(y) = 10y² + 1000. For which output quantity the…

A: Cost curve shows the relationship between the output and cost of production. The average cost of…

Q: LAS Price i) LAS is tht long SAS Supply cuoue E. PLe ") eurrent equili'bri SAD Mihen Sns:SAD= LAS YE…

A: i) LAS is the long run supply curve. ii) The equilibrium prevails at the point where SAS = SAD = LAS…

Q: e. What were the high and low prices for Goodyear yesterday? f. What was the price at which Goodyear…

A: [e] High and low per share is mentioned under the category mentioned Hi and Lo respectively Thus,…

Q: Question 3 Maureen spends her budget on pizza and salad. Suppose that the price of salad increases,…

A: Demand Demand is the amount of a commodity that consumers are willing to purchase at various…

Q: 3. Please list and describe 2 distinct reasons why a Monopoly might exist.

A: Two broad reasons why monopolies might exist are explained below.

Q: Disbursement Initial Investment (Bath) OC Salvage Value (Bath) Project Lifetime (Years) Project A…

A: Rate of return:It is the rate that an investor on this amount of investment receives. It is…

Q: g. Now suppose that firm is faced with the same problem as in (e and f) except that firm has a fixed…

A: Given: Production function: Q=K1/2L1/2 Price of K (R)=$8 Price of L (W)=$2

Q: for a firm's production process. The initial cost $200,000 with annual costs of $50,000 and saving…

A: Given that,Annual cost = $50,000Savings = $90,000 and increment by $3,000 (G) after…

Q: An important application of regression analysis in accounting is in the estimation of cost. By…

A: The data set is: Production Volume ($) Total Cost ($) 400 4000 450 5000 550 5400 600 5900…

Q: This credit account carries a temporary low introductory rate (teaser rate) of| %. This teaser APR…

A: Solution of the given question is: The introductory rate is 3.99% This rate applies within the…

Q: An electronic device is available that will reduce this year's labor cost by$13232.The equipment is…

A: The maximum amount we could justify spending for the device is the present value of the labor cost…

Q: Question 7. Provide general formulations of the First and Second Welfare Theorems for an ex- change…

A: NOTE: “As per Bartleby policy, in case of multiple questions, the Seventh Question has been…

Q: A popular concert venue is always full, and people that wait outside tor hours are often turmed…

A: A popular concert venue is always full, the people that wait outside for hours are often turned…

Q: Market-based prices are least likely to be influenced by OA. The cost to produce the product

A: Price basically refers to the monetary value of goods or services that a individual or entity pays…

Q: Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a…

A: The balance of trade is the difference between the monetary value of exports and imports of a…

Q: Trade missions are organized by government trade specialists. O True O False

A: Globalization is the relationship between different parts of the world. Globalization results in the…

Q: For statistically estimated demand function for the commodity X, 1547 p0.2 p0.3 A0.4 p0.5 g0.3 D. X,…

A: Related goods: Two goods can be either substitutes or complements. Substitute goods Two goods are…

Q: Bridget's preferences for apples( X) and bananas(Y) can be represented by the utility function…

A: Given: Apple=X, Banana = Y U=0.5XY

Q: Consider two players, A and B, each of which can choose action X or Y. Their payoffs are represented…

A: Given:

Q: Q7. Jamal has Budget of $50 and he needs two goods (Milk and Movie) to live. The price of a bottle…

A: Utility is the measure that represents the satisfaction level of a consumer. It is influenced and…

Question

i need Q21 solution

Question 21
What does an increase in the budget line represent?
An increase in the consumer's budget
O An increase in prices
An increase in the cost of production
O An increase in resources
O It varies from case to case
O A decrease in resources

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Tea 50 40 30 20 10 0 Tea 50 40 30 20 10 0 OC OA D Chart A 2 5 10 15 20 25 30 Scones Chart C 5 10 15 20 Tea 25 30 Scones 50 40 30- 20 10 0 Tea 50 40 30 20 10 Chart B 5 10 1 0 5 15 20 25 30 Scones Chart D Look at the figure Budget Lines for Tea and Scones. For months now. Agnes has had $20 per month to spend on tea and scones. The price of each cup of tea and each scone has been $1. Which of the charts shows what will happen to her budget line if the price of a cup of tea falls to $0.50? 10 15 20 25 30 Scones 1 pts
Only typed answer
Give typing answer with explanation and conclusion
Physics
Question 6
#54
10
K Suppose you own an outdoor recreation company and you want to purchase all-terrain vehicles (ATVs) for your summer business and snowmobiles for your winter business. Your budget for new vehicles this year is $180,000. ATVs cost $6,000 each and snowmobiles cost $9,000 each. a. Draw the budget line for your purchase of new vehicles. Use the line drawing tool to draw a budget line. Properly label this line. Place end points one on horizontal and one on vertical axes. Carefully follow the instructions above, and only draw the required objects. b. What is the opportunity cost of one ATV? The opportunity cost of one ATV is 0.67 snowmobile(s). (Round your answer to two decimal places.) c. What is the opportunity cost of one snowmobile? The opportunity cost of one snowmobile is 1.5| ATV(s). (Round your answer to two decimal places.) d. Does the opportunity cost of one ATV depend on how many you purchase? Why or why not? A The opportunity cost of one ATV depend on how many you for purchase…
21. The budget constraint:(a) Represents the set of all baskets the consumer can afford(b) Represents the set of all baskets the consumer can afford while spending all availableincome(c) Represents the set of all baskets that give the consumer the same level of utility whileholding spending constant(d) Represents the set of all baskets in which the consumer purchases only one of the goods
Answer quickly please
. Draw the student's budget constraint. Put burritos on the x-axis and sodas on the y-axis. A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each.
Explain why individuals make Choices that are directly on the budget constraint, rather than inside the budget constraint DI outside it.