Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 9, Problem 19APA
To determine
Change in budget line.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Hafidh'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.
The figure shows Laura's budget line. Laura buys only lilies (Y) and orchids (X).
Lilies (number per month)
16-
The price of a lily is $4 and the price of an orchid is $7.
14-
Suppose Laura's income rises by $14 a month, the price of a lily increases by $6,
and the price of an orchid remains the same.
12-
What is the equation of Laura's new budget line?
10-
.....
8-
The equation of Laura's new budget line is
6-
O A. Y= 70- 3.0X
O B. Y= 70 - 6.0X
4-
O C. Y= 7-.7X
2-
O D. Y= 7-1.43X
Budget line
0-
10
Orchids (number per month)
Amy has $12 to spend on coffee and soda. The price of coffee is $2 a cup, and soda is $1 a can. The graph below shows her budget line.
1. Can Amy buy 7 cans of soda and 2 cups of coffee a week?
2. Can she buy 7 cups of coffee and 2 cans of soda a week?
3.What happens to the new budget line if the price of soda increases to $3 a can.
Chapter 9 Solutions
Microeconomics (13th Edition)
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
Knowledge Booster
Similar questions
- The graph shows the budget line for a consumer who only 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)arrow_forwardThe total utility schedule of Sharon is given below for the number of shoes she consumes. i. Calculate Sharon’s marginal utility schedule. ii. Plot a graph of total and marginal utility.iii. What is the maximum number of shoes that Sharon will consume? Explainarrow_forwardRaymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. c. Show how Raymond’s budget line changes if the price of pineapples increases to $370. d.. 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_forward
- . Kawther’s income is OMR12 a week. The price of small-sized pizza is OMR3, and the price of a fresh juice is OMR3. Calculate the equation for Kawther’s budget line and illustrate all options on the table. Draw a graph of Kawther’s budget line with the quantity of fresh juice on the x-axis. Kawther’s income is OMR12 a week. The price of small-sized pizza rises from OMR3 to OMR6, and the price of a fresh juice is unchanged at OMR3. Explain how Kawther’s budget line changes with fresh juice on the x-axis.arrow_forwardGiven that Tebogo's income is P1800, price of food is P30 and price of entertainment is P40. Draw Tebogo's budget linearrow_forwardUse Figure: Budget Lines for Tangerines and Watermelons. For some time, Albert has had $5 per month to spend on tangerines and watermelons. The price of a tangerine is $0.50, and the price of a watermelon is $0.25. Which chart shows what will happen to his budget line if his income increases to $6?arrow_forward
- Jamani earns a weekly income of $6000. Suppose he wishes to spend this income on two goods, games and DVDs only. A game costs $200 while a DVDcosts $600. Draw Jamani’s budget line. Putting games on the Y axis. ii. Suppose his income increases to $9000 per week, illustrate what happens to her budget line.iii. Suppose the price of games increase to $600, while his income and the price of DVDs is unchanged from part (i).arrow_forwardThe graph shows the budget line for a consumer who only buys cookies and magazines. If the consumer's income is $20, what is the price of a Magazine? 24 20 16 4 2 4 6 8 10 12 Magazines (number per week) dollar(s) Cookies (number per week)arrow_forwardSuppose that a consumer has an income of $10 per period, and that he must spend it all on meat or potatoes. If meat is $2.00 per pound and potatoes are $2.00 per pound, draw the consumer's budget line on a graph. identify the quantity of meat and potatoes that would be consumed.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. 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_forwardJessie is attempting to draw her budget constraint for purchasing cookies and strawberries. At a maximum, she could consume 500 strawberries; she labels this point on the vertical axis of her budget constraint. At a maximum, she could consume 200 cookies; she labels this point on her graph. If the price of a cookie is $0.50 and her budget is $100, what is the price of a strawberry?arrow_forward: Given that Rhumbi's budget line is 25=1/4 Cake +Tea and the price of tea is R10. What is Rhumbi's income and price of cake?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Microeconomics (MindTap Course List)EconomicsISBN:9781305971493Author:N. Gregory MankiwPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning