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Question #1: Budget Constraint [18 Points) Suppose that Tiffany has an income of $20 per week...
Janet has a $350 monthly hair budget, which she spends on haircuts (H) and hair product...
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 Janet's budget constraint for haircuts and hair product....
1. Jack earns $20 per hour and he gets an allowance of $100 per week. He...
1. Jack earns $20 per hour and he gets an allowance of $100 per week. He has 168 hours per week to spend on work and leisure. The price of consumption goods is normalized to $1. a. Draw Jack's budget line. (Label axis, give numbers for intercepts; indicate the magnitude of slope) (10 pts) b. If Jack could earn $30 per hour, how the budget line change? Show the new budget line in the graph from a). (Label axis, give...
ASAP Alan likes to eat pizza while drinking a can of beer. He has a weekly...
ASAP
Alan likes to eat pizza while drinking a can of beer. He has a weekly gourmet budget of $72. In the diagram below, pizza is on the horizontal axis and beer is on the vertical axis. The intercepts are 8 cans on the beer axis and 6 slices on the pizza axis. Alan has also been observed to buy 3 slices of pizza and 4 cans of beer Budget Line 10+ 00 beer (can) 6+ 4+ N H wt...
Thor Odinson has really let himself go. He spends all of his income only consuming whole...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza (2) and cases of beer (b), priced at p: = 5 and p = 15, respectively. Suppose Thor's utility function is given by u(2,5) = 36 and his income is I = 300. (8 points total) (a) Solve for Thor's optimal bundle of pizza pies (2) and cases of beer (b). (2 points) (b) Draw Thor's budget constraint, optimal bundle, and...
Thor Odinson has really let himself go. He spends all of his income only consuming whole...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza () and cases of beer (b), priced at p. 5 and p = 15, respectively. Suppose Thor's utility funetion is given by u(3,0) = 2'and his income is I = 300. (8 points total) (a) Salve for Thor's optimal bundle of pizza pies (?) and cases of beer (b). (2 points) (1) Draw Thor's budget constraint, optimal bundle, and indifference curve...
Thor Odinson has really let himself go. He spends all of his income only consuming whole...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza (2) and cases of beer (b), priced at p. = 5 and p = 15, respectively. Suppose Thor's utility function is given by u( 2, b) = 2?? and his income is I = 300. (8 points total) (a) Solve for Thor's optimal bundle of pizza pies (2) and cases of beer (b). (2 points) (b) Draw Thor's budget constraint, optimal...
10. José gets satisfaction from both music and fireworks. José's income is $240 per week. Music...
10. José gets satisfaction from both music and fireworks. José's income is $240 per week. Music costs $12 per CD, and fireworks cost $8 per bag a. Graph the budget constraint José faces, with music on the vertical axis and fireworks on the horizontal axis. b. If José spends all his income on music, how much music can he afford? Plot a point that illustrates this scenario. c. If José spends all his income on fireworks, how many bags of...
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...
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 Janet's budget constraint for haircuts and hair product....
1. Jack earns $20 per hour and he gets an allowance of $100 per week. He has 168 hours per week to spend on work and leisure. The price of consumption goods is normalized to $1. a. Draw Jack's budget line. (Label axis, give numbers for intercepts; indicate the magnitude of slope) (10 pts) b. If Jack could earn $30 per hour, how the budget line change? Show the new budget line in the graph from a). (Label axis, give...
ASAP
Alan likes to eat pizza while drinking a can of beer. He has a weekly gourmet budget of $72. In the diagram below, pizza is on the horizontal axis and beer is on the vertical axis. The intercepts are 8 cans on the beer axis and 6 slices on the pizza axis. Alan has also been observed to buy 3 slices of pizza and 4 cans of beer Budget Line 10+ 00 beer (can) 6+ 4+ N H wt...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza (2) and cases of beer (b), priced at p: = 5 and p = 15, respectively. Suppose Thor's utility function is given by u(2,5) = 36 and his income is I = 300. (8 points total) (a) Solve for Thor's optimal bundle of pizza pies (2) and cases of beer (b). (2 points) (b) Draw Thor's budget constraint, optimal bundle, and...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza () and cases of beer (b), priced at p. 5 and p = 15, respectively. Suppose Thor's utility funetion is given by u(3,0) = 2'and his income is I = 300. (8 points total) (a) Salve for Thor's optimal bundle of pizza pies (?) and cases of beer (b). (2 points) (1) Draw Thor's budget constraint, optimal bundle, and indifference curve...
Thor Odinson has really let himself go. He spends all of his income only consuming whole pies of pizza (2) and cases of beer (b), priced at p. = 5 and p = 15, respectively. Suppose Thor's utility function is given by u( 2, b) = 2?? and his income is I = 300. (8 points total) (a) Solve for Thor's optimal bundle of pizza pies (2) and cases of beer (b). (2 points) (b) Draw Thor's budget constraint, optimal...
10. José gets satisfaction from both music and fireworks. José's income is $240 per week. Music costs $12 per CD, and fireworks cost $8 per bag a. Graph the budget constraint José faces, with music on the vertical axis and fireworks on the horizontal axis. b. If José spends all his income on music, how much music can he afford? Plot a point that illustrates this scenario. c. If José spends all his income on fireworks, how many bags 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 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...
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