Kevin has a $100 monthly exercise budget, which he spends at Tarheel Gym on yoga classes...
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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 on the y-axis. (
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The price of a yoga class drops to $8 after 5 classes, and again to $5 after 10 classes.
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After every 4 yoga classes you buy, you get the next one for half off.
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After purchasing 5 yoga classes, you must become a “Tarheel Yogi.” Becoming a Tarheel
Yogi costs $20, but it also reduces the price of each subsequent yoga class to $5.
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For every 5 yoga classes you buy, you get $5 in gym credit that can be used on any class at
Tarheel Gym.
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Homework Answers
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Kevin has a $100 monthly exercise budget, which he spends at
Tarheel Gym on yoga classes...
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....
2. John has a $500 monthly budget for meals (M) and books (B). The price of...
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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
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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...
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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...
2. Ali has a $7 weekly budget that he spends on songs (S, SI per download)...
2. Ali has a $7 weekly budget that he spends on songs (S, SI per download) and prosein bars (B, S1 per bar). His usility information for the two products is below from songsof a song y fTotal utiliay Marginal wtilityQuantity ofTotal utility Marginal utility of a bar from bars protein bars 10 18 14 18 21 28 30 31 a) Calculate Ali's marginal utilities and finish the filling out the table b) If Ali spends his entire budget on...
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...
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....
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...
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...
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