Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 13, Problem 10SPPA
To determine
To draw:
The budget lines for single songs against other goods and services in
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Sara is a teenage artist who has been making paintings based on watercolor, each painting sells for 150 bs and she makes them every week.
Sara likes hamburgers and Coca Cola, the price of hamburgers is 20 bs and Coca Cola is 3 bs.
Sara would like to consume 3 hamburgers and 6 cokes this week.
1. How useful is this consumer basket?
2. Is the 150 Bs enough to satisfy your tastes? If not enough, how much budget do you need?
It asks
1. Graph of the indifference curve and the budget line.
2. curve of the new budget line.
Explain utility and its connection to consumer behavior
explain how a decrease in the real
income of consumers would affect the
market for luxury wallets sold by Saks
Fifth Avenue.
Chapter 13 Solutions
Foundations of Economics (8th Edition)
Ch. 13.A - Prob. 1SPPACh. 13.A - Prob. 2SPPACh. 13.A - Prob. 3SPPACh. 13.A - Prob. 4SPPACh. 13.A - Prob. 5SPPACh. 13.A - Prob. 1IAPACh. 13.A - Prob. 2IAPACh. 13.A - Prob. 3IAPACh. 13.A - Prob. 4IAPACh. 13 - Prob. 1SPPA
Ch. 13 - Prob. 2SPPACh. 13 - Prob. 3SPPACh. 13 - Prob. 4SPPACh. 13 - Prob. 5SPPACh. 13 - Prob. 6SPPACh. 13 - Prob. 7SPPACh. 13 - Prob. 8SPPACh. 13 - Prob. 9SPPACh. 13 - Prob. 10SPPACh. 13 - Prob. 1IAPACh. 13 - Prob. 2IAPACh. 13 - Prob. 3IAPACh. 13 - Prob. 4IAPACh. 13 - Prob. 5IAPACh. 13 - Prob. 6IAPACh. 13 - Prob. 7IAPACh. 13 - Prob. 8IAPACh. 13 - Prob. 9IAPACh. 13 - Prob. 10IAPACh. 13 - Prob. 1MCQCh. 13 - Prob. 2MCQCh. 13 - Prob. 3MCQCh. 13 - Prob. 4MCQCh. 13 - Prob. 5MCQCh. 13 - Prob. 6MCQCh. 13 - Prob. 7MCQ
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- Show and explain the effects in kind payments and cash payments on individual’s utility by using a grapharrow_forwardimpacts of marginal utility. Imagine that you are a seller of phones: How can you increase the consumer demand curve by helping increase the marginal utility for consumers? Detail specific steps to take and provide examples.arrow_forwardqty per week Marginal Utility of songs Marginal Utility of Cookies 1 15 25 13 20 3 12 16 4 11 13 10 11 6. 9 10 7 8. 7 8. 6. 7 10 Above is the utility of Sara for song and cookie consumption. If the price of a song is $2 and the price of a cookie is $1, how many cookies and songs will sara consumer? Why?arrow_forward
- Define consumer behavior as it relates to patterns of consumption relative to utility, marginal utility, and law of diminishing marginal utility. How does the concept of price elasticity of demand & supply (“PED" &” PES”) relate to consumer choices and it’s influence on total revenue?arrow_forwardTotal utilityarrow_forwardThe graph shows the budget line for a consumer who only buys cookies and magazines. If the consumer's income is $20, what is the price of a Magazine? 24 20 16 4 2 4 6 8 10 12 Magazines (number per week) dollar(s) Cookies (number per week)arrow_forward
- If iPad is considered a normal good, when income in Camarillo goes up, the effect on iPad in Camarillo will be: Group of answer choices no change in the demand. an increase in the demand. an increase in the supply. a decrease in the demand.arrow_forwardWhat happens to the utility we get from each additional unit we consumed?arrow_forwardEvaluate the behavior of consumers in terms of the demand for productsarrow_forward
- Suppose you have a budget of $12 and cost of a cola is $2 and sandwich is $4. Using this information form the table, how many sandwiches and cola would you buy at the optimum?arrow_forward1. You have a budget of $125 per month that you can spend digital music or eating dinner. Each dinner costs $25 and each digital album costs $10. Use the chart below to answer the following questions. Albums No. Per Week 1 2 3 4 5 Total Utility 250 450 630 790 870 Dinners No. Per Total Week Utility 1 2 3 |4 5 300 550 750 900 1025 1. What is the utility maximizing bundle? 2. Explain how the total utility will be affected if prices and income double?arrow_forwardA consumer sets themselves a weekly budget of $15 for vegetables. They only eat carrots and peas. Peas cost $1.50 per pound and carrots cost $1.00 per pound. 2. Draw a budget line for the consumer showing his possible weekly consumption of peas and carrots. Label both axes with numbers and an axis title. Add a second line that shows what happens when carrots go on sale for $0.75 per pound. Upload your diagram. Please give typed answer ASAP with proper explanation of it. Will give you thumbs up only for the correct answer. Thank you .arrow_forward
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