What is likely to happen to the slope of the budget line of movie tickets when:...
What is likely to happen to the slope of the budget line of movie tickets when: (Show work and show graph)
a. your income increases from $100 to $150 (4)
b. Price of the movie tickets changes from $20 to $26 a ticket
Homework Answers
a) slope doesn't change
b) slope will change
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What is likely to happen to the slope of the budget line
of movie tickets when:...
6. What is likely to happen to the slope of the budget line of movie tickets...
6. What is likely to happen to the slope of the budget line of movie tickets when: a. your income increases from $100 to $150 (4) b. Price of the movie tickets changes from $20 to $25 a ticket
Suppose that Jessica has income Y and has preferences over hamburgers and movie tickets. Her budget...
Suppose that Jessica has income Y and has preferences over hamburgers and movie tickets. Her budget constraint is: Y = Ph*h+Pm*m. Where Ph and Pm denote the price of hamburgers and movie tickets and h and m their quantity. Assume that Jessica's income is equal to $400 and that each hamburger costs $4 and each ticket costs $8. Draw the budget constraint as well as an indifference curve that satisfies the condition for utility maximization. Please fully label the graph....
Suppose that you initially have $100 to spend on books or movie tickets. The books start...
Suppose that you initially have $100 to spend on books or movie tickets. The books start off costing $25 each and the movie tickets start off costing $10 each. For each of the following situations, would the attainable set of combinations that you can afford increase or decrease? a. Your budget increases from $100 to $150 while the prices stay the same: Cick to selecto b. Your budget remains $100, the price of books remains $25, but the price of...
ded Quiz //oregons 4 3 2 4 6 8 Q movie tickets Assume Alan's budget constraint...
ded Quiz //oregons 4 3 2 4 6 8 Q movie tickets Assume Alan's budget constraint is demonstrated by line A in the graph shown. Which of the following could cause Alan's budget constraint to change to line B? The price of movie tickets could have increased. O The price of movie tickets could have decreased. O The price of books could have decreased. O The price of books could have increased. MacBook Air FS 4 5
3. . Suppose that business travelers and vacationers have the following demand for airline tickets from...
3. . Suppose that business travelers and vacationers have the following demand for airline tickets from Seattle to Washington, D.C.: Price Qty Demanded (# tickets) for business travelers Qty Demanded (# tickets) for vacationers $100 2,100 1,000 $150 2,000 800 $200 1,900 550 $250 1.800 400 As the price of tickets rises from $150 to $200, the price elasticity of demand for business travelers is __________. 2. Using the same data contained in #1, as the tickets rise from $150...
Suppose Caroline is a cinephile and buys only movie tickets
Suppose Caroline is a cinephile and buys only movie tickets. Caroline deposits $3000 in a bank acct that pays an annual interest rate of 20%. You can assume that this interest rate is fixed-that is, it won’t change over time. At the time of her deposit, a movie ticket is priced at $10.00.Initially, the purchasing power of Caroline’s $3000.00 deposit is a. 3,000 b. 50 c. 220 d. 300 e. 200 movie tickets. The price of a movie ticket rises...
You are Marketing Manager for Regal Entertainment, the largest movie-chain company in the United States. You...
You are Marketing Manager for Regal Entertainment, the largest movie-chain company in the United States. You know that the number of movie tickets sold annually by Regal (“quantity demanded”) depends on the price that Regal charges (dollars per ticket) and on the average income of movie-goers (dollars per year). Your staff presents you with the following portion of the demand schedule, given this-year’s income. Price (dollars per ticket) Quantity Demanded (millions of tickets per year) 22 12 18 20 3....
Monopoly: Fantastic Films is the only movie theater in an isolated town. The table below illustrates...
Monopoly: Fantastic Films is the only movie theater in an isolated town. The table below illustrates the demand schedule for movie tickets and the cost schedule for producing the movies. Complete the table. Maximize your browser window to view all columns in the table. Price ($ per ticket) Quantity (tickets per show) Price ($ per ticket) Quantity (tickets per show) Total Revenue (dollars per show) Marginal Revenue Total Cost (dollars per show) Marginal Cost 20 0 1000 18 100 1600...
OPPORTUNITY COST & MARGINAL ANALYSIS the follo b. U.S. sonm ent c. 3. Indicate whether each...
OPPORTUNITY COST & MARGINAL ANALYSIS the follo b. U.S. sonm ent c. 3. Indicate whether each of the following statements applies to microeconomics or macroeconomics: The unemployment rate in the United States was 4.1 percent in January 2018. A U.S. software firm discharged 15 workers last month and transferred the work to India. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise. U.S. output, adjusted for inflation, decreased by 2.4 percent...
3. (3 Points) Intuitively describe what the slope of the budget line tells us about the...
3. (3 Points) Intuitively describe what the slope of the budget line tells us about the consumer's ability to trade goods X and Y. 4. (6 Points) For each description of a change in the budget line given below, state which of the following increases or decreases for the budget constraint variables would cause it: † Px + PxPy. Pytw, and I W. (a) The budget line rotates inward around its horizontal intercept (meaning that it's horizontal intercept does NOT...
Suppose that you initially have $100 to spend on books or movie tickets. The books start off costing $25 each and the movie tickets start off costing $10 each. For each of the following situations, would the attainable set of combinations that you can afford increase or decrease? a. Your budget increases from $100 to $150 while the prices stay the same: Cick to selecto b. Your budget remains $100, the price of books remains $25, but the price of...
ded Quiz //oregons 4 3 2 4 6 8 Q movie tickets Assume Alan's budget constraint is demonstrated by line A in the graph shown. Which of the following could cause Alan's budget constraint to change to line B? The price of movie tickets could have increased. O The price of movie tickets could have decreased. O The price of books could have decreased. O The price of books could have increased. MacBook Air FS 4 5
OPPORTUNITY COST & MARGINAL ANALYSIS the follo b. U.S. sonm ent c. 3. Indicate whether each of the following statements applies to microeconomics or macroeconomics: The unemployment rate in the United States was 4.1 percent in January 2018. A U.S. software firm discharged 15 workers last month and transferred the work to India. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise. U.S. output, adjusted for inflation, decreased by 2.4 percent...
3. (3 Points) Intuitively describe what the slope of the budget line tells us about the consumer's ability to trade goods X and Y. 4. (6 Points) For each description of a change in the budget line given below, state which of the following increases or decreases for the budget constraint variables would cause it: † Px + PxPy. Pytw, and I W. (a) The budget line rotates inward around its horizontal intercept (meaning that it's horizontal intercept does NOT...
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