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Refer to the information provided in Figure 6.2 below to answer the questions that follow. Number of beers per month Leo's monthly budget constraint i 12 0 40 Number of gardenburgers per month QUESTION #14: Refer to Figure 6.2. Assume Sir Leo is on budget constraint AC. If the price of agardenburger is Php5.00, Sir Leo's monthly income is A) Php20. B) Php60. C) Php100. D) Php200.

Refer to the information provided in Figure 6.2 below to answer the questions that follow. Number of beers per month Leo's monthly budget constraint i 12 0 40 Number of gardenburgers per month QUESTION #14: Refer to Figure 6.2. Assume Sir Leo is on budget constraint AC. If the price of agardenburger is Php5.00, Sir Leo's monthly income is A) Php20. B) Php60. C) Php100. D) Php200.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Refer to the information provided in Figure 6.2 below to answer the questions that follow. Leo's monthly budget constraint 40 A E 8 •D 0 40 Number of gardenburgers per month QUESTION #14: Refer to Figure 6.2. Assume Sir Leo is on budget constraint AC. If the price of agardenburger is PhP5.00, Sir Leo's monthly income is A) Php20. B) Php60. C) Php100. D) Php200. QUESTION #15: Refer to Figure 6.2. The slope of budget constraint AC is A) -1. B)-2. C) -5. D) indeterminate from this information because prices are not given. D) remain unchanged. QUESTION #16: Refer to Figure 6.2. Assume Sir Leo's budget constraint is AC. He will not spend hisentire income at point A) A B) B C) D D) E QUESTION #17: Refer to Figure 6.2. Assume Sir Leo's budget is AC. Given his current monthly incomehe cannot purchase the quantities of the two goods at point_ A) A B) B C) D D) E QUESTION # 18: Refer to Figure 6.2. Along budget constraint AC, the opportunity cost of onegardenburger is A) 1/4 of a beer. B) a beer. C) 2 beers. D) changing as Sir Leo moves down his budget constraint. QUESTION #19: Jay-R can buy either Shikies pizzas or Subwee sandwiches. If the prices of pizza and sandwiches double and so does Jay-R's money income, we can deduce that Jay-R's budget constraintwill A) shift in but remain parallel to the old one. B) shift out but remain parallel to the old one. C) pivot in so that the slope of the budget constraint is doubled.
Transcribed Image Text:Refer to the information provided in Figure 6.2 below to answer the questions that follow. Leo's monthly budget constraint 40 A E 8 •D 0 40 Number of gardenburgers per month QUESTION #14: Refer to Figure 6.2. Assume Sir Leo is on budget constraint AC. If the price of agardenburger is PhP5.00, Sir Leo's monthly income is A) Php20. B) Php60. C) Php100. D) Php200. QUESTION #15: Refer to Figure 6.2. The slope of budget constraint AC is A) -1. B)-2. C) -5. D) indeterminate from this information because prices are not given. D) remain unchanged. QUESTION #16: Refer to Figure 6.2. Assume Sir Leo's budget constraint is AC. He will not spend hisentire income at point A) A B) B C) D D) E QUESTION #17: Refer to Figure 6.2. Assume Sir Leo's budget is AC. Given his current monthly incomehe cannot purchase the quantities of the two goods at point_ A) A B) B C) D D) E QUESTION # 18: Refer to Figure 6.2. Along budget constraint AC, the opportunity cost of onegardenburger is A) 1/4 of a beer. B) a beer. C) 2 beers. D) changing as Sir Leo moves down his budget constraint. QUESTION #19: Jay-R can buy either Shikies pizzas or Subwee sandwiches. If the prices of pizza and sandwiches double and so does Jay-R's money income, we can deduce that Jay-R's budget constraintwill A) shift in but remain parallel to the old one. B) shift out but remain parallel to the old one. C) pivot in so that the slope of the budget constraint is doubled.
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