Suppose a student’s entire weekly pocket money (income) is spent on cafeteria’s fast food and hut’s meal. Draw his (weakly) budget line if he has total amount of Rs. 1500 per week, the price of fast food is Rs. 150 per unit and the price of meal is Rs. 100 per unit. Draw the new budget lines: (a) if the price of fast food doubles; (b) if the price ofmeal halves; (c) if his pocket money/income rises to Rs. 2500 per week; (d) if his pocket money/income falls to Rs. 1000 per week. Suppose a student's entire weekly pocket money (income) is spent on cafeteria's fastfood and hut's meal. Draw his (weakly) budget line if he has total amount of Rs. 1500per week, the price of fast food is Rs. 150 per unit and the price of meal is Rs. 100 perunit. Draw the new budget lines: (a) if the price of fast food doubles; (b) if the price ofmeal halves; (c) if his pocket money/income rises to Rs. 2500 per week; (d) if his pocketmoney/income falls to Rs. 1000 per week.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose a student’s entire weekly pocket money (income) is spent on cafeteria’s fast food and hut’s meal. Draw his (weakly) budget line if he has total amount of Rs. 1500 per week, the price of fast food is Rs. 150 per unit and the price of meal is Rs. 100 per unit. Draw the new budget lines: (a) if the price of fast food doubles; (b) if the price of

meal halves; (c) if his pocket money/income rises to Rs. 2500 per week; (d) if his pocket money/income falls to Rs. 1000 per week.

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