Review the budget constraint model that is introduced in Chapter 2. Then answer questions 3a through 3e below, assuming that Jade has a weekly budget of $24, which she likes to spend on magazines and on pies. ( From problems 24-27 at the end of Chapter 2.)
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- Suppose Tim has a budget of $60 that he spends on movies (Q₁) and roller skating (Q2). The price of movie tickets recently increased from $7 per person to $10 per person, and the price of roller skating decreased from $4 to $3 per person. What is Tim's new budget constraint? Provide your answer below: ]×e+s ]xeJessie has a budget of $50 and is attempting to draw her budget constraint for purchasing cookies and strawberries. At a maximum, she could consume 100 strawberries; she labels this point on the vertical axis of her budget constraint. If the slope of her budget constraint is -4, what is the price of a cookie?A student has a monthly budget of $120 to spend on either burrito, which cost $6 each, or sodas, which cost $4 each.Draw the student's budget constraint. Put burritos on the x-axis and sodas on the y-axis. Which combinations of burritos and sodas are unaffordable--those to the left of the line in the graph or those above the line in the graph? Why? Which combinations would leave some budget unspent - those to the left of the line in the above graph or those to the right of the line in the above graph?
- Marie has a weekly budget of $24, which she likes to spend on magazines and pies. Calculate: a) If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week? b) If the price of a pie is $12, what is the maximum number of pies she could buy in a week? c) Draw Marie’s budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint? d) What is Marie’s opportunity cost of purchasing a pie? NOTE: To answer this question simply work your answer in a piece of paper, take a photo of it and upload the file. Remember that this is a problem solving question, hence you must show your work!Jacob receives an allowance of $5 per week. He spends all his allowance on ice cream cones, $0.50 per cone, and cans of Lemon Fizz soda, $1 per can. His budget constraint is shown on the graph to the right. Now suppose that Jacob's allowance climbs to $7. Show how this alters his budget constraint. Jacob's new budget constraint intersects the x-axis at cans of soda. (Enter your response as a whole number.) Jacob's new budget constraint intersects the y-axis atice cream cones. (Enter your response as a whole number) CCES Ice cream (number of cones) 20- 19- 18- 17- 16- 15- 14- 13- 12- 11- 10- 94 8- 7- 6- 5- 4- 3- 2- 1- 0- 2 BC 6 Lemon Fizz (number of cans) 8 9 10 11 12 C CPlease can i get help with the illustrating the graphs? An individual has a utility function, U(x, y) = x ∙ y, with a budget constraint, 120 = 2x + y.(a) Derive the individual’s optimal consumption for x and y, as well as the utility level associated with them. Graph the utility function and budget line. Indicate the point corresponding to your answer.(b) Evaluate the price effect when the budget constraint changes to 120 = 4x + y, specifying the income and substitution effect. Illustrate these on the graph indicating the points corresponding to your answer.(c) Based on (b), what type of goods are x and y?
- Suppose that Marissa is interested in buying some beers and hamburgers. Her budget constraint for these two goods is given below: If beers cost $6/beer, how much income does she have to spend on beer and hamburgers? Group of answer choices $24 $18 $12 not enough information to answer the questionSuppose the price of pizza is $10, the price of cola is $1, and the consumer's income is $60. In addition, suppose the consumer's budget constraint measures pizza on the horizontal axis and cola on the vertical axis. Refer to Scenario#1. If the price of cola doubles to $2 while both the price of pizza is constant at $10 and the income is constant at $60, then the slope of the budget constraint rises to -5/2 budget constraint intersects the horizontal axis 5 pizzas budget constraint intersects the vertical axis 30 colas budget constraint intersects the horizontal axis at 25 pizzasLucas has $40 per week that he can spend on lemon soda (X) and chips (Y). The price of the lemon soda (PX) is $2 per bottle, and the price of the chips (PY) is $4 price Write down Lucas’s budget constraint. Draw the budget constraint on the graph below. Make sure to indicate the intercepts and the slope of budget constraint. Label it as BC1. Provide an economic interpretation of the slope of the budget constraint BC1 Suppose Lucas’s income decreases to $12 per week, and the price of lemon soda and chips remain the same. Write down Lucas’s new budget constraint. Then draw his new budget constraint on the same graph above. Make sure to indicate the intercepts and the slope. Label it as BC2. Suppose Lucas’s income remains to be $40 per week and the price of chips remains the same, but the price of lemon soda (PX) increases to $5. Write down Lucas’s new budget constraint. Then draw his new budget constraint on the same graph above. Make sure to indicate the intercepts and the…