Jasmine loves to support her local sports teams. She has an annual budget of $400 to divide between basketball games and football games. Tickets to a basketball game cost $25, and tickets to a football game cost $100.
Let the number of basketball games be X and football games be Y.
Her budget constraint is 25X+100Y =400.
a)
b. If Jasmine goes for 3 football games, number of basketball games she can attend is
25*X+3*100=400
25X =100
Y=4
Jasmine can attend 4 basketball games.
c. New budget constraint is
20X+100Y =400
d) When Jasmine attends two football games, number of basketball games she can attend will be
20*X+2*100=400
20X = 200
X = 10.
Jasmine loves to support her local sports teams. She has an annual budget of $400 to...
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...
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