Homework Answers
Answer-Question in the begining provides original budget line
i.e., 5x+10y=1000 and further asks how would the equation change
and its shifts
Mathematical equations
a. AB 50+10y=1000
BC 5x+10y =1000+50*5
i.e., 5x +10y =1250
b. Shifted Budget line
5x + 10y = 1000+50*2.5 = 1125
c. AB Same as original Budget line.
BD 4x + 10y = 1000
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A consumer has an income of $1,000 to spend on food and medicine. The price of...
9 kmlv.github.io Question 2: A consumer has an income of $1,000 to spend on food and...
9 kmlv.github.io Question 2: A consumer has an income of $1,000 to spend on food and medicine. The price of one unit of food is $5 and the price of one unit of medicine is $10. For each question, write down the mathematical expression of the budget constraint and draw it carefully. Put food on the x-axis and medicine on the y-axis. Label the incercepts,slopes, and kinks. 1. Suppose the consumer receives coupons for 50 units of food and those...
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Need help with this practice problem
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9 kmlv.github.io Question 2: A consumer has an income of $1,000 to spend on food and medicine. The price of one unit of food is $5 and the price of one unit of medicine is $10. For each question, write down the mathematical expression of the budget constraint and draw it carefully. Put food on the x-axis and medicine on the y-axis. Label the incercepts,slopes, and kinks. 1. Suppose the consumer receives coupons for 50 units of food and those...
2. Suppose that a consumer has income of $12 to spend on and r2. Also suppose that the price of 띠 is $2 per unit and the price of x2 is $1 per unit. You will be asked to draw the three budget line in one diagram. Please label each (as (a), (b) and (c) carefully (a) Draw the consumer's budget line on a diagram where a is on the horizontal axis and r2 is on the vertical axis. the...
Suppose a consumer has income of $100 that she can spend on doctors' visits, which cost $20 each or "other goods," which we will represent with a composite good whose price is $1 per unit (i.e,the numeraire). (a) Illustrate her budget constraint The government is considering offering one of the following three health plans to con- sumers. Plan A will simply give everyone an additional $40 of income (perhaps through a tax cut). Under plan B, the government will give...
Fill in the Blanks A consumer has $140 in monthly income to be spent on two goods A and B. The price of good A (PA) is $5.00. In the market, they can trade 2 units of good B for 1 unit of good A. The price of good B is $ (round your answer to two decimal places). If they used all their income on good A, they could purchase units (round your answer to two decimal places). Fill...
Рx Sketch the following budget constraints: Income S20 $1,000 $40 $50 $1,000 $20 $100 $1,000 $20 $50 $2,000 $0.25 $0.25 $7.00 $0.251 $0.50 $7.00 $0.50 $0.25 $7.00 HINT: a. For these problems, graphing is as simple as determining how much of each good X and Y you can buy by dividing your income by the price of each. For a., you can buy 50 of good X because income/Px $1000/20 = 50. Along the same lines you can buy $1000...
Need help with this practice problem
2. (20 points) Suppose a consumer has $250 to spend on two goods, Good X and Good Y. The price of Good X is given by Py = $10. The price of Good Y is given by Py = $25. Graph the consumer's budget constraint. Please put the quantity of Good X on the horizontal axis, and the quantity of Good Y on the vertical axis. Be sure to label your graph carefully and...
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