Jacob receives an allowance of $12 per week. He spends all his allowance on ice cream cones and cans of Lemon Fizz soda. When the price of ice cream cones is $0.50 per cone and the price of Lemon Fizz is $1 per can, Jacob faces the budget constraint "BC,'. Suppose the price of ice cream cones rises to $2 per cone Use the line drawing tool to draw in Jacob's new budget constraint. Label this line BC₂¹ Carefully follow the instructions above, and only draw the required objects. Ice cream (number of cones) ***** 22- 20- 18- 16- 14- 124 10- 8 24 AC₁ 9 10 11 12 13 14 Lemon Fizz (number of cans)
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- Jessie is attempting to draw her budget constraint for purchasing cookies and strawberries. At a maximum, she could consume 500 strawberries; she labels this point on the vertical axis of her budget constraint. At a maximum, she could consume 200 cookies; she labels this point on her graph. If the price of a cookie is $0.50 and her budget is $100, what is the price of a strawberry?Jacob receives an allowance of $5 per week. He spends all his allowance on ice cream cones, $0.50 per cone, and cans of Lemon Fizz soda, $1 per can. His budget constraint is shown on the graph to the right. Now suppose that Jacob's allowance climbs to $7. Show how this alters his budget constraint. Jacob's new budget constraint intersects the x-axis at cans of soda. (Enter your response as a whole number.) Jacob's new budget constraint intersects the y-axis atice cream cones. (Enter your response as a whole number) CCES Ice cream (number of cones) 20- 19- 18- 17- 16- 15- 14- 13- 12- 11- 10- 94 8- 7- 6- 5- 4- 3- 2- 1- 0- 2 BC 6 Lemon Fizz (number of cans) 8 9 10 11 12 C CJacob receives an allowance of $6 per week. He spends all his allowance on ice cream cones, $0.50 per cone, and cans of Lemon Fizz soda, $1 per can. His budget constraint is shown on the graph to the right. Now suppose that Jacob's allowance climbs to $10. Show how this alters his budget constraint. cans of soda. (Enter Jacob's new budget constraint intersects the x-axis at your response as a whole number.) Ice cream (number of cones) 20- 19- 18- 17- 16- 15- 14- 13- 12- 11- 10- 9- 8- 7- 6- 5- 4- 3- 2- 1- 0- 0 T 1 2 BC. 5 6 7 8 9 10 11 12 Lemon Fizz (number of cans) Q Q
- Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. i. What is the expression for Raymond’s budget constraint? ii. Draw a graph of Raymond’s budget line (meatloaf on the y axis). iii. Show how Raymond’s budget line changes if the price of pineapples increases to $370. iv. Suppose Raymond decides to cut his monthly budget in half. Coincidentally, the next time he shops, he learns that meatloaves and pineapples are on sale for half price. Show what happens to Raymond’s budget line?Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. What is the expression for Raymond’s budget constraint? Draw a graph of Raymond’s budget line (meatloaf on the y axis). Show how Raymond’s budget line changes if the price of pineapples increases to $370. Suppose Raymond decides to cut his monthly budget in half. Coincidentally, the next time he shops, he learns that meatloaves and pineapples are on sale for half price. Show what happens to Raymond’s budget line?Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150. c. Show how Raymond’s budget line changes if the price of pineapples increases to $370. d.. Suppose Raymond decides to cut his monthly budget in half. Coincidentally, the next time he shops, he learns that meatloaves and pineapples are on sale for half price. Show what happens to Raymond’s budget line?
- Ria earns an income of $3,000 per month. Assume that she can either buy 5 laptops or 10 mobile phones with her income. The price of laptops is $600, and the price of the mobile phone is $300. Suppose Ria's income increases by 20% and the price of the laptops decreases to $450, what will be the effect on the budget constraint? 1.) Using the line drawing tool, draw a new budget constraint representing the given effects. Carefully follow the instructions above and only draw the required object. The new budget constraint has a different than the initial budget constraint. Quantity of mobile phone 12 11- 10- ∞ 2- 14 5 6 Quantity of laptop 10 11 12If Joe decides to allocate his entire weekly allowance between energy drinks and coffee, he could afford 9 energy drinks and 3 cups of coffee, or 6 cups of coffee and 2 energy drinks. Suppose a cup of coffee costs £2.80. a) Calculate the price of an energy drink and Joe's weekly allowance. Write down Joe's budget equation and draw the corresponding budget line. Mark the two consumption bundles mentioned above. In your graph, clearly label the axes, the budget line, and calculate the coordinates of the points of intersection of the budget line with each axis. Interpret each of those points. b) Discuss how Joe's budget set would change if his allowance was reduced by £5.20 a week. Show the relevant changes graphically. How should the price of coffee change so that Joe could still afford to buy 6 cups of coffee and 2 energy drinks? c) Discuss how Joe's budget constraint would change if the government subsidised consumption of coffee by £0.50 per cup of coffee.Centa spends $56 a month at allthemovies.com on film-noir (FN) and sci‑fi (SF) movies, which typically cost $14 each. The first graph shows her budget constraint and her optimal consumption at point A. This month, SF movies are on sale for $7. On the first graph, draw the new budget constraint by moving one or both endpoints of the original budget constraint. Points B, C, D, and E indicate possible consumption bundles. Assume that FN movies are still $14 each. Budget Constraint and Optimal ConsumptionQuantity of FN moviesQuantity of SF movies012345678910012345678910BCBCDEA On the second graph, draw Centa's individual demand curve for SF movies from a price of $14 to a price of $7. Do not continue the line past these points to the axes. Individual Demand for SF MoviesPrice of SF moviesQuantity of SF movies01234567891001234567891011121314demand As with Centa's demand for SF movies, the law of demand states that price and quantity demanded are not correlated. perfect…
- Jessie has a budget of $50 and is attempting to draw her budget constraint for purchasing cookies and strawberries. At a maximum, she could consume 100 strawberries; she labels this point on the vertical axis of her budget constraint. If the slope of her budget constraint is -4, what is the price of a cookie?Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500. Suppose that one meatloaf costs $375, while one pineapple costs $150.a. What is the expression for Raymond’s budget constraint? b. Draw a graph of Raymond’s budget line (meatloaf on the y axis). c. Show how Raymond’s budget line changes if the price of pineapples increases to $370 d. Suppose Raymond decides to cut his monthly budget in half.Coincidentally, the next time he shops, he learns that meatloaves and pineapples are on sale for half price. Show what happens to Raymond’s budget line?1. An individual's budget Suppose Sean has a weekly budget of $48 to spend on oat milk and peanut butter. Oat milk is priced at $4 per quart, and peanut butter is priced at $2 per jar. If Sean spends his entire $48 on oat milk, he can buy jars of peanut butter. Use the blue line (circle symbol) to plot Sean's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of oat milk and peanut butter that are affordable for Sean. Finally, place the black point (plus symbol) on the point on Sean's budget constraint that corresponds to a scenario in which Sean spends $24 on each good. Note: Dashed drop lines will automatically extend to both axes. PEANUT BUTTER (Jars) 38 33 30 27 24 21 18 15 12 8 3 0 ++ 0 + 36 9 12 15 18 21 24 OAT MILK (Quarts) 12 quarts of oat milk. If he spends his entire $48 on peanut butter, he can buy 24 27 30 33 36 BC, ($48) O Affordable Region + $24 on Each BC₂ ($60) ?