1. Which of the following represents the household's lifetime budget constraint? a. q + a₂ = 1 b. c₂ = 3/2 + (1+₂)a₂ q₁ +c₂/(1+₂)=31 +32/(1+₂) d. U = Inc + Blnc₂ 2. Which of the following are choice variables of the household? a. y b. 32 9 d. 12 3. If the household can borrow and lend, an increase in y₁ causes which of the following to increase? a. C1 b C2 c. 92 d. all of the above

QUESTION 7 Assume the following is the budget equation for Courtney who spends her income between music concerts and movies: 86 Music Concerts + 85 Movies = 7216 If Music Concerts are measured on the vertical axis, what would be the slope of the budget line ? 2

Q8. Jacob's favorite activities are going to baseball games and going to the theater. Jacob's budget for these activities is $600. A ticket to a baseball game costs $15 and a ticket to the theater costs $60. a. Graph Jacob's budget constraint. b. Calculate the slope of Jacob's budget constraint c. How many t total baseball games can Jacob attend if he visits the theater six times? d. Suppose Jacob receives $300 in cash for his birthday and he decides to put all of this money toward his entertainment budget. Draw Jacob's new budget constraint. e. If Jacob now decides to visit the theater ten times, how many baseball games can he attend?

(D)

Quantity of D 10 8 N 0 to 2 000 Refer to the budget line shown in the diagram. The absolute value of the slope of the budget line is Multiple Choice 4 6 8 10 Quantity of C two. one-half. five. ten. 20 10,981 AUG 22 < Prev 7 of 12 átv (@

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