An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate the price-consumption line associated with changes in the price of wine. 100- Вook 90- VN Wine Price Price Wine Вooks Budget 80- 50 50 $15 40 20 $12 $1,200 $30 $12 $1,200 70- $60 $12 10 50 $1,200 60- 1.) Using the line drawing tool, draw a budget line when the price of wine is $15 per bottle. Label this line L,. 40- 2.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'A' 30- Carefully follow the instructions above, and only draw the required objects. H Ug 20- 3.) Using the line drawing tool, draw a budget line when the price of wine is $30 per bottle. Label this line L2. 10- :10 ¥40 0- 4.) Using the point drawing tool, then add the corresponding satisfaction-maximizing bundle. Label this point 'B'. 10 20 30 40 50 60 70 80 90 100 Wine Carefully follow the instructions above, and only draw the required objects. H 5.) Using the line drawing tool, draw a budget line when the price of wine is $60 per bottle. Label this line L3. 6.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'C' Carefully follow the instructions above, and only draw the required objects. P 7.) Using either the line drawing tool or the three-point curved drawing tool, plot the price-consumption curve. Label this curve 'Price-Consumption Curve'. Carefully follow the instructions above, and only draw the required object. Books

6. Part a and Part B

quantity of bread 100 90 80 70 60 50 40 30 20 10 B 10 20 30 40 50 60 7080 quantity of apples Juan is a consumer of apples and bread. Juan shifts his consumption bundle from point B to point A. Which of the following is true? Juan's demand curve for apples shifted left and demand curve for bread shifted right. Juan's demand curve for both apples and bread shifted right. Juan's demand curve for apples shifted left and demand curve for bread shifted left. Juan's demand curve for apples shifted right and demand curve for bread shifted left.

Suppose the following table shows your demand schedule for CDs. Price Quantity Demanded $15 1 12 9. 9:56 6. 4 (a) What is your total utility from four CDs? Total utility: $ (b) What is your marginal utility from the fourth CD? Marginal utility: $ (c) If the price is $6, how much will your consumer surplus be? Consumer surplus: $

. Suppose that AT&T and Verizon cell phone plans are considered substitutes. Ceteris paribus, if there is a decrease in price of AT&T without any change in price of Verizon how would economists show the effect on demand curves for both AT&T and Verizon? Show on the following graphs

Abby drinks Mountain Dew. She can buy as many cans of Mountain Dew as she wishes at a market price of $0.55 per can. On a particular day, she is willing to pay $0.95 for the first can, $0.80 for the second can, $0.60 for the third can, and $0.40 for the fourth can. Answer the following questions. 3.1. Fill out Abby’s demand schedule below.    Price Quantity demanded                 3.2. How many cans does she buy at $0.55per can? What is her total consumer surplus? Show calculations.  3.3. How many cans does she buy if the price falls to $0.40 per can? What is her total consumer surplus? Show calculations.

Mario and Chris are the only two consumers in a particular market for train tickets. The following table displays the relationship between the price of bus tickets for each consumer and quantity of train tickets demanded per week when the price of train tickets is $4.00 each. $2.00 $3.00 $4.00 $5.00 Price of bus tickets Mario's demand for train tickets 8 6. 4 2 Chris' demand for train tickets 1 2 3 a) Suppose the price of bus tickets is $4. The market demand of train tickets per day is

The table below shows Cedric's marginal utility for soda and cookies at each quantity. What is his total utility if he consumes 6 soda and 3 cookies?   Quantity of Soda Marginal Utility Quantity of Cookies Marginal Utility 1 48 1 39 2 46 2 37 3 44 3 35 4 41 4 32 5 37 5 29 6 34 6 25 7 31 7 22 8 25 8 18 9 18 9 14 10 12 10 10 11 5 11 7   Group of answer choices 379 total utility units 66 total utility units 314 total utility units

Which of the following statements is TRUE regarding the relationship between Complimentary Goods? a An increase in the price of syrup will decrease demand for pancakes b An expected storm will decrease demand for umbrellas c A decrease in the price of chicken will increase demand for beef d A price increase in pancakes will decrease demand for pancakes

What is the current price of gasoline and how many gallons of gasoline do you currently buy per month? How many gallons would you buy next month and how would your behavior change if the price fell by $1.25 per gallon? Also, based on that information, what is your price elasticity of demand for gasoline? Be sure to show how you calculated your price elasticity of demand.     current price of gas = $2.53 gallons of gas per month = 72 gallons no change for next month On the average I fill my tank up 3 times a month each time I go I spend $60-$65