Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 9, Problem 15APA
To determine
M’s budget line.
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buys cookies and magazines. If the consumer's income is $20, what is the price of a cookie?
Cookies (number per week)
24
20
16
8
0
2
4
6
8 10 12
Magazines (number per week)
Chapter 9 Solutions
Macroeconomics
Ch. 9.1 - Prob. 1RQCh. 9.1 - Prob. 2RQCh. 9.1 - Prob. 3RQCh. 9.1 - Prob. 4RQCh. 9.1 - Prob. 5RQCh. 9.2 - Prob. 1RQCh. 9.2 - Prob. 2RQCh. 9.2 - Prob. 3RQCh. 9.2 - Prob. 4RQCh. 9.3 - Prob. 1RQ
Ch. 9.3 - Prob. 2RQCh. 9.3 - Prob. 3RQCh. 9.3 - Prob. 4RQCh. 9.3 - Prob. 5RQCh. 9 - Prob. 1SPACh. 9 - Prob. 2SPACh. 9 - Prob. 3SPACh. 9 - Prob. 4SPACh. 9 - Prob. 5SPACh. 9 - Prob. 6SPACh. 9 - Prob. 7SPACh. 9 - Prob. 8SPACh. 9 - Prob. 9SPACh. 9 - Prob. 10SPACh. 9 - Prob. 11SPACh. 9 - Prob. 12APACh. 9 - Prob. 13APACh. 9 - Prob. 14APACh. 9 - Prob. 15APACh. 9 - Prob. 16APACh. 9 - Prob. 17APACh. 9 - Prob. 18APACh. 9 - Prob. 19APACh. 9 - Prob. 20APACh. 9 - Prob. 21APACh. 9 - Prob. 22APACh. 9 - Prob. 23APACh. 9 - Prob. 24APACh. 9 - Prob. 25APACh. 9 - Prob. 26APACh. 9 - Prob. 27APACh. 9 - Prob. 28APACh. 9 - Prob. 29APACh. 9 - Prob. 30APA
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Similar questions
- Last week Sara’s income was $12 a week. The price of popcorn was $3 a bag, and the price of a smoothie was $3.e. Draw a graph of Sara’s budget line with the quantity of smoothies on the x-axis.f. What is the slope of Sara’s budget line? What determines its value?arrow_forwardHafidh’s income is $200 a month. The price of watch is $25 a show, and the price of a Jeans is $15. Calculate the equation for Hafidh’s budget line Draw a graph of Hafidh’s budget line with the quantity of Watches on the x-axis. If Hafidh’s income increased from $200 to 350$. Explain and show how Hafidh’s budget line changes with watches on the x-axis.arrow_forwardThe prices she's considering are shown in the table below. Calculate the utility for each of the prices in the table. What is the average of the calculated utilities?arrow_forward
- With the help of a graph, explain how the decrease in the income affect the consumer's choice for normal goods?arrow_forwardRaymond consumes meatloaves and pineapples. He has decided that hismonthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. i. Draw a graph of Raymond’s budget line (meatloaf on the y axis). ii. Show how Raymond’s budget line changes if the price of pineapplesincreases to $370.arrow_forwardHow does a consumer’s optimal choice of goods change if all prices and the consumer’s income double?arrow_forward
- Raymond consumes meatloaves and pineapples. He has decided that hismonthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. What is the expression for Raymond’s budget constraint? Draw a graph of Raymond’s budget line (meatloaf on the y axis).arrow_forwardwhat is A curve showing combinations of two goods that provide a consumer with a constant amount of utility ?arrow_forwardHafidh's income is $200 a month. The price of watch is $25 a show, and the price of a Jeans is $15. a) Calculate the equation for Hafidh's budget line b) Draw a graph of Hafidh's budget line with the quantity of Watches on the x-axis. c) If Hafidh's income increased from S200 to 350S. Explain and show how Hafidh's budget line changes with watches on the x-axis.arrow_forward
- What is a budget linearrow_forwardRaymond consumes meatloaves and pineapples. He has decided that hismonthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. Suppose Raymond decides to cut his monthly budget in half. Coincidentally, the next time he shops, he learns that meatloaves and pineapples are on sale for half price. Show what happens to Raymond’s budget line?arrow_forwardMarie has a weekly budget of $2400, which she likes to spend on magazines and pies. If the price of one magazine is $40, what is the maximum number of magazines she can buy in a week? If the price of a pie is $120, what is the maximum number of pies she can buy in a week? Compute and show Marie’s budget schedule for pies and magazines. Draw Marie’s budget line with pies on the horizontal axis and magazines on the vertical axis.arrow_forward
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