QUANTITY (Dinners out per month) 20 18 16 14 0 1 O 2 3 4 5 6 8 INCOME (Thousands of dollars per month) 9 10 0 Nick Hint: When answering the following, be sure to specify the appropriate units. The blue point already shown on the graph shows the data for Rosa. According to the graph, Rosa's income is Use the orange point (square symbol) to plot the data for Nick. Suppose Rosa's friend Nick has an income of $6,000 per month and has 12 dinners out per month. , and she has

Consider the following graph, which shows the relationship between an individual's income and the number of times he or she eats out each month. QUANTITY (Dinners out per month) 20 10 16 14 12 O 7 INCOME (Thousands of dollars per month) 10 Brian ? Hint: When answering the following, be sure to specify the appropriate units. The blue point already shown on the graph shows the data for Crystal. According to the graph, Crystal's income is has Suppose Crystal's friend Brian has an income of $2,000 per month and has 4 dinners out per month. $8,000 $8,000 per month $16 per month $16 and she

When creating a scatter chart for supply and demand curves the Y axis contains the price and the X axis contains the quantity. O True O False

3. Based on each scenario in this question, indicate whether the following statements is true or false, and briefly explain your reasoning. You may also want to use a graph in your explanation if you think it's necessary. a) Mike makes $500 per week and spends all her income on books and tea. Books cost $25 each, and Mike buys 16 each week. Tea costs $5 per cup, and Mike buys 20 cups. When Mike's income falls to $450 per week, he cuts his consumption of books by 3 books and purchases 5 more cups of tea. Based on Mike's consumption behaviors, books are an inferior good and Tea is a normal good. b) Lucy consumes food and clothing. For incomes near her current income, her income expansion path is negatively sloped. Assume that food is measured along the horizontal axis and clothing is measured along the vertical axis. Therefore, at current income levels, both food and clothing must be inferior good. c) For any normal goods, the income and substitution effects work in the same direction.…