scruffie the cat has $15 to spend each month on cat toys, which cost $3 each, and cat treats, which cost $1.50 each. dra...
scruffie the cat has $15 to spend each month on cat toys, which cost $3 each, and cat treats, which cost $1.50 each. draw a budget line to show the combination of each good that scuffie can afford if she spends her entire budget. now suppose that cat treats go on sale for $1 each. now does this change in price affect the budget line (show on the graph)?
Homework Answers
With a budget of $15
Number of cat toys you can buy = 15/3 = 5
Number of cat treats you can buy = 15/1.5 = 10
Budget line:- BL1
When the cat treats go for sale for $1
Number of cat treats you can buy now = 15/1 =15
so, the budget line changes to BL2
Add Answer to:
scruffie the cat has $15 to spend each month on cat toys, which cost $3 each, and cat treats, which cost $1.50 each. dra...
Suppose Latasha has a monthly budget of $80 to spend on coffee and cereal
An individual's budget Suppose Latasha has a monthly budget of $80 to spend on coffee and cereal. Coffee is priced at $4 per cup, and cereal is priced at $2 per box. If she spends her entire $80 on cereal, she can buy _______ cups of coffee. If Latasha spends her entire $80 on coffee, she can buy boxes of cereal. Use the blue line (circle symbol) to plot Latasha's budget constraint on the following graph. Next, use the orange point (square symbol)...
Agatha has a weekly allowance that she spends on candy bars and fidget toys. She can...
Agatha has a weekly allowance that she spends on candy bars and fidget toys. She can just afford four fidgets and three candy bars with all of her money. She can also just afford nine candy bars and two fidgets. The price of a candy bar is $2.50. What is Agatha's weekly allowance? $ 7.5 Graph her budget line below by using the point tool to plot the two points given and then using the straight- line tool to show...
1) Sarah has a certain amount of money budgeted for tea and snacks during the work...
1) Sarah has a certain amount of money budgeted for tea and snacks during the work week, and she always aims to spend her entire budget. If she spends her entire budget on tea, she can afford 40 cups of tea. If she spends her entire budget on snacks, she can afford 8 snacks. What is the opportunity cost of a snack? Provide your answer below: _ cup(s) of tea 2) If a family spends its entire budget in a...
A consumer has a $1,800 budget for entertainment, which she splits between going to concerts and...
A consumer has a $1,800 budget for entertainment, which she splits between going to concerts and seeing movies at the ArcLight in Hollywood. Movie tickets cost on average $18 each and concert tickets cost on average $40 each. Draw the consumer’s budget line on a graph. For each of the following situations, draw a new graph with the updated budget line from below (for a total of five separate graphs). Label each line. If the new lines differ from the...
Suppose Yakov has a weekly budget of $48 to spend on coffee and yogurt.
1. An individual's budget Suppose Yakov has a weekly budget of $48 to spend on coffee and yogurt. Coffee is priced at $4 per cup, and yogurt is priced at $6 per container. If Yakov spends his entire $48 on coffee, he can buy _______ cups of coffee. If he spends his entire $48 on yogurt, he can buy _______ containers of yogurt. Use the blue line (circle symbol) to plot Yakov's budget constraint on the following graph. Next, use the orange point...
Homework (Ch 21) Suppose Juanita has a monthly budget of $80 to spend on milk and...
Homework (Ch 21) Suppose Juanita has a monthly budget of $80 to spend on milk and cereal. Milk is priced at $4 per gallon, and cereal is priced at $2 per box. If Juanita spends her entire $80 on milk, she can buy cereal 80 gallons of milk. If she spends her entire $80 on cereal, she can buy boxes of Use the blue line (circle symbol) to plot Juanita's budget constraint on the following graph. Next, use the orange...
1) Noah likes hot dogs and Coca-Cola. Hot dogs cost $1 each and Cokes cost $.50...
1) Noah likes hot dogs and Coca-Cola. Hot dogs cost $1 each and Cokes cost $.50 per bottle There is a special promotion for Coke that will last for one month. If Noah sends in the bottle tops from the Cokes he drinks during the next month, he will get a refund of $.20 for every bottlecap beyond the first 12 that he returns. For example, if he returns 25 bottle caps he will get back $2.60 $.20(25 12). Noah...
Quick intuition check via True or False Questions 1. 2. If all prices double and income...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
Suppose a consumer has income of $100 that she can spend on doctors' visits, which cost...
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...
A student has a monthly budget of S120 to spend on either burritos, which cost $6...
A student has a monthly budget of S120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. 1. What is the largest number of burritos that the student could afford to purchase in one month? 2. What is the largest number of sodas the student could afford to purchase in one month? 3. Draw the student's budget constraint. Put burritos on the x axis and sodas on the y-axis. 20 4. Which combinations of...
Agatha has a weekly allowance that she spends on candy bars and fidget toys. She can just afford four fidgets and three candy bars with all of her money. She can also just afford nine candy bars and two fidgets. The price of a candy bar is $2.50. What is Agatha's weekly allowance? $ 7.5 Graph her budget line below by using the point tool to plot the two points given and then using the straight- line tool to show...
1. An individual's budget Suppose Yakov has a weekly budget of $48 to spend on coffee and yogurt. Coffee is priced at $4 per cup, and yogurt is priced at $6 per container. If Yakov spends his entire $48 on coffee, he can buy _______ cups of coffee. If he spends his entire $48 on yogurt, he can buy _______ containers of yogurt. Use the blue line (circle symbol) to plot Yakov's budget constraint on the following graph. Next, use the orange point...
Homework (Ch 21) Suppose Juanita has a monthly budget of $80 to spend on milk and cereal. Milk is priced at $4 per gallon, and cereal is priced at $2 per box. If Juanita spends her entire $80 on milk, she can buy cereal 80 gallons of milk. If she spends her entire $80 on cereal, she can buy boxes of Use the blue line (circle symbol) to plot Juanita's budget constraint on the following graph. Next, use the orange...
1) Noah likes hot dogs and Coca-Cola. Hot dogs cost $1 each and Cokes cost $.50 per bottle There is a special promotion for Coke that will last for one month. If Noah sends in the bottle tops from the Cokes he drinks during the next month, he will get a refund of $.20 for every bottlecap beyond the first 12 that he returns. For example, if he returns 25 bottle caps he will get back $2.60 $.20(25 12). Noah...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
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...
A student has a monthly budget of S120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. 1. What is the largest number of burritos that the student could afford to purchase in one month? 2. What is the largest number of sodas the student could afford to purchase in one month? 3. Draw the student's budget constraint. Put burritos on the x axis and sodas on the y-axis. 20 4. Which combinations of...
Most questions answered within 3 hours.
-
Write which type of radiation (alpha, beta, gamma, or positron)
matches the following
descriptors. Each type...
asked 8 minutes ago -
You place a block of
ice (mass of 3 kg) into a test chamber filled with...
asked 6 minutes ago -
Describe and draw the mechanism for the formation of the
Grignard reagent with 2-bromopropane as the...
asked 9 minutes ago -
Work out a care plan for Rex to help her better manage
her medical conditions. Provide...
asked 19 minutes ago -
The historical returns on a balanced portfolio have had an
average return of 11% and a...
asked 24 minutes ago -
Sulfuric acid (250.0mL) is titrated with 176.5 mL 2.4 M NaOH to
an equivalence point (the...
asked 36 minutes ago -
The quality control manager of a cookie company is inspecting a
batch of chocolate-chip cookies that...
asked 37 minutes ago -
How can we identify what the horizontal force is when looking at
a merry go round?...
asked 1 hour ago -
While Dime Community Bank is based in Brooklyn; management has
decided to focus its lending activity...
asked 1 hour ago -
1) Earnings functions, whereby the log of earnings is regressed
on years of education, years of...
asked 1 hour ago -
Bruno Corporation is involved in the business of injection
molding of plastics. It is considering the...
asked 1 hour ago -
What would be the vapor pressure of water at 96°C above a
solution made by dissolving...
asked 1 hour ago