Question

Janet has a $350 monthly hair budget, which she spends on haircuts (H) and hair product (P). The price of hair products is $10 per bottle, and the price of haircuts is $50 per cut. Use a separate graph for each part below and plot haircuts on the horizontal axis and hair product on the vertical axis. Label all axes, intercepts and possible kink points, and treat each case separately. a. Draw Janets budget constraint for haircuts and hair product. (5 points) b. Draw Janets budget constraint if now after every 3 haircuts she buys, she gets the next 1. haircut for half price. (10 points) Draw Janets budget constraint if now after she purchases 4 haircuts, she can (and does) join a hair club. Membership in the club costs $50, but once youre a member each haircut only costs $10. (10 points) c.
0 0
Add a comment Improve this question Transcribed image text
Answer #1

R-109 Hon. Honiontal axis P on vestial จู M-350, P :50, 85 350 50H lop 151 95 30 bu n-8 at 25 thuw buy Max H-8, 0 Max P 350 3

Add a comment
Know the answer?
Add Answer to:
Janet has a $350 monthly hair budget, which she spends on haircuts (H) and hair product...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Kevin has a $100 monthly exercise budget, which he spends at Tarheel Gym on yoga classes...

    Kevin has a $100 monthly exercise budget, which he spends at Tarheel Gym on yoga classes (Y) and spin classes (S). The price of yoga class is $10, and the price of a spin class is $5. Draw his budget constraint for each of the following scenarios. Use a separate graph for each part and label all axes, intercepts and the coordinates of any kink points. Treat each case separately and graph yoga classes on the x-axis and spin classes...

  • 2. John has a $500 monthly budget for meals (M) and books (B). The price of...

    2. John has a $500 monthly budget for meals (M) and books (B). The price of meal is $10, and the price of a book is $100. Use a separate graph for each part below and plot meals on the horizontal axis and books on the vertical axis. Label all axes, intercepts and possible kink points, and treat each case separately. a. Draw John's budget constraint for meals and books. (5 points) b. Draw John's budget constraint if now his...

  • 2. John has a $500 monthly budget for meals (M) and books (B). The price of...

    2. John has a $500 monthly budget for meals (M) and books (B). The price of meal is $10, and the price of a book is $100. Use a separate graph for each part below and plot meals on the horizontal axis and books on the vertical axis. Label all axes, intercepts and possible kink points, and treat each case separately. a. Draw John's budget constraint for meals and books. (5 points) b. Draw John's budget constraint if now his...

  • 2. John has a $500 monthly budget for meals (M) and books (B). The price of...

    2. John has a $500 monthly budget for meals (M) and books (B). The price of meal is $10, and the price of a book is $100. Use a separate graph for each part below and plot meals on the horizontal axis and books on the vertical axis. Label all axes, intercepts and possible kink points, and treat each case separately. a. Draw John’s budget constraint for meals and books. (5 points) b. Draw John’s budget constraint if now his...

  • Catherine has a monthly income of $500, which she spends on pizzas and a composite of...

    Catherine has a monthly income of $500, which she spends on pizzas and a composite of all other goods, the price of a pizza is $5. 2. Catherine has a monthly income of $500, which she spends on pizzas and a composite of all other goods. The price of a pizza is $5 a. Draw Catherine's budget constraint. Label your values of the intercepts and the slope of the budget constraint. (Place pizza on the horizontal axis) b. Assume Catherine...

  • Question #1: Budget Constraint [18 Points) Suppose that Tiffany has an income of $20 per week...

    Question #1: Budget Constraint [18 Points) Suppose that Tiffany has an income of $20 per week and she spends it on frozen pizza (P) and beer (B). The price of a bottle of beer (Pg) is $1 and the price of frozen pizza (P) is $5 per pizza. (a) Derive an equation for the budget constraint. [4 Points] (b) Draw the budget constraint with beer on the horizontal axis and pizza on the vertical axis. Clearly indicate the x and...

  • Suppose that a consumer has $200 to spend per month. Assume that the price of a...

    Suppose that a consumer has $200 to spend per month. Assume that the price of a unit of a household product is $5. For each of the following scenarios, draw the consumerís budget constraint by plotting all else on the y-axis and household products on the x-axis. (a) For every $100 she spends on household products she gets $10 back which she can spend on anything. (b) Suppose that once the consumer purchases 10 household products, each additional household product...

  • 1) Consumer Theory (4 points) Liz's annual sports budget is $400, and she spends it attending...

    1) Consumer Theory (4 points) Liz's annual sports budget is $400, and she spends it attending Oakland A's games and Raiders games. A's tickets cost $20 each and Raiders tickets are $50 each. a. Graph Liz's budget constraint. b. Suppose the price of A's tickets decreases to $10. Show the effect on Liz's budget constraint on your graph (be sure to label clearly). C. Analyze the income effect and substitution effect for Liz after the price change. i. Describe the...

  • Homework (Ch 21) Suppose Juanita has a monthly budget of $80 to spend on milk and...

    Homework (Ch 21) Suppose Juanita has a monthly budget of $80 to spend on milk and cereal. Milk is priced at $4 per gallon, and cereal is priced at $2 per box. If Juanita spends her entire $80 on milk, she can buy cereal 80 gallons of milk. If she spends her entire $80 on cereal, she can buy boxes of Use the blue line (circle symbol) to plot Juanita's budget constraint on the following graph. Next, use the orange...

  • 1) Noah likes hot dogs and Coca-Cola. Hot dogs cost $1 each and Cokes cost $.50...

    1) Noah likes hot dogs and Coca-Cola. Hot dogs cost $1 each and Cokes cost $.50 per bottle There is a special promotion for Coke that will last for one month. If Noah sends in the bottle tops from the Cokes he drinks during the next month, he will get a refund of $.20 for every bottlecap beyond the first 12 that he returns. For example, if he returns 25 bottle caps he will get back $2.60 $.20(25 12). Noah...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT