None O Macmillan LearningMauricio has a circus act that involves monkeys on unicycles. Mauricio has a fixed amount to spend on unicycles and monkeys.The graph shows Mauricio's initial budget constraint. The price per unicycle is $180 and per monkey is $135. Using the graph,show what happens to Mauricio's budget line when the price of unicycles increases to $270. Then, answer the question.Quantity of unicycles101088976532100123✓Budget line45678CoQuantity of monkeys910

Initially we are given that:Price per unicycle = $180Price per monkey = $135Now, in the budget…

Answered: O Macmillan Learning Mauricio has a…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics

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Mauricio has a circus act, and he has a budget of $720 to spend on monkeys and unicycles. The cost of a unicycle is $120, and the cost of a monkey is $90?
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Jody has $360 to spend on her summer vacation. She decided to use the moneyon trips to the zoo and on tickets to the movies. Her original budget constraintis shown below. Let X represent movie tickets and Y represent trips to the zoo.i. What is the equation of the original budget constraint? ii. What is the price of a movie ticket? a trip to the zoo? iii. Assume a price change occurs and Jody now face the new budgetconstraint. What is the equation of the new budget constraint? iv. With the new budget constraint, what is the price of an amusement parkticket? a baseball ticket?
Jody has $360 to spend on her summer vacation. She decided to use the moneyon trips to the zoo and on tickets to the movies. Her original budget constraintis shown below. Let X represent movie tickets and Y represent trips to the zoo.i. What is the equation of the original budget constraint
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