The only goods you buy are apples and oranges. Both apples and oranges sell for $1 a piece, and your income is $10 a day. a. Draw your budget line.
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The only goods you buy are apples and oranges. Both apples and oranges sell for $1 a piece, and your income is $10 a day.
a. Draw your budget line.
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- List and define the different kinds of goods. Give an example of eacha. Which graph shows a change in the price of X, but no changes in the price of Y and in the buyer's budget?Which graph shows a change in the buyer's income, but no changes in the prices of X and Y?Which graph shows an increase in the price of Y and a decrease in the price of X?What does the point on a budget line indicate in terms of prices?
- The question says Olivias favorite Mexican snacks include flautas and sopapitas. If her $12 budget is represented in the graph The price of flauta is ___ and sopapitas is ___? Select one a. $2 ; $4 b.$3 ; $4 c.$4 ; $3 d.$6 ; $3 Graph is given.Give an example of inferior good and an example of normal good that you have encountered and how has change in income affected your spending in each case.1. A person has $ 100 to spend on two goods X and Y whose respective prices are $3 and $5. a. Draw the budget line. b. What happens to the original budget line if the budget falls by 25%? c. What happens to the original budget line if the price of X doubles? d. What happens to the original budget line if the price of Y falls to $4?
- Jerry has $12 a week to spend on yogurt and magazines. The price of yogurt is $2, and the price of a magazine is $4. a. List the combinations of yogurt and magazines that Jerry can afford. Draw a graph of Jerry’s budget line with the quantity of magazines plotted on the x-axis.Scruffie the cat has $15 to spend each month on cat toys, which cost $3 each, and cat treats, which cost $1.50 each. Draw a budget line to show the combinations of each good that Scruffie can afford if she spends her entire budget. Now suppose that cat treats go on sale for $1 each. How does this change in price affect the budget line (describe and show on a graph)?Suppose that a consumer has an income of $10 per period, and that he must spend it all on meat or potatoes. If meat is $2.00 per pound and potatoes are $2.00 per pound, draw the consumer's budget line on a graph. identify the quantity of meat and potatoes that would be consumed.
