#If kat's budget increased to $ 12 instead, the budget line would-----
a)shift outward
# If price of donuts
increased to $3 instead,the vudget line would -----
d)pivot in on the x axis
# If price of donuts increased
ro $3, the opportunity cost of purchasing a bagel in terms of
donuts------
a) it decreases.
ava Consider if Kat's budget increased to $12 instead. If graphed with the quantity of donuts...
If the consumer's income increases, a. The budget line will swing outward (slope will become shallower). b. The budget line will swing inward (slope will become steeper). c. The budget line will shift out parallel to the old budget line (the slope will be unchanged). d. The budget line will shift inward parallel to the old budget line (the slope will be unchanged). e. The indifference curves will change shape.
This Question: 1 pt 46 of 60 (39 complete) This Test: 60 pts p Jerry's lottery ticket and candy bar budget is $20 a week. The price of a lottery ticket is $2 and the price of a candy bar is $5 Quantity (lottery tickets per week) Draw Jerry's budget e ad label it. >>>Plot the quantity of candy bars on the x-axis Other things remaining the same, if the price of a lottery ticketfalls, Jerry's budget line Other things...
Given the graph below, if the consumer’s income decreases,
a. The budget line will swing outward (slope will become
shallower).
b. The budget line will swing inward (slope will become
steeper).
c. The budget line will shift out parallel to the old budget
line (the slope will be unchanged).
d. The budget line will shift inward parallel to the old budget
line (the slope will be unchanged).
e. The indifference curves will change shape.
Drs services Nurses services
Suppose you have drawn a consumer's budget line for food and clothing with food on the horizontal axis and clothing on the vertical axis. If the price of food increases, A. the budget line shifts outward in a parallel fashion. B. the budget line becomes flatter. C. the budget line becomes steeper. D. the budget line shifts inward in a parallel fashion.
Consider a production function Q = 3K + 4L, when L is graphed on the x-axis and K is graphed on the y-axis, the marginal rate of technical substitution is equal to A) 4/3 and the isoquant is convex to the origin. B) 4/3 and the isoquant is a straight line. C) and the isoquant is a straight line. D) 12 and the isoquant is convex to the origin.
3. (3 Points) Intuitively describe what the slope of the budget line tells us about the consumer's ability to trade goods X and Y. 4. (6 Points) For each description of a change in the budget line given below, state which of the following increases or decreases for the budget constraint variables would cause it: † Px + PxPy. Pytw, and I W. (a) The budget line rotates inward around its horizontal intercept (meaning that it's horizontal intercept does NOT...
The slope of a budget constraint line is influenced by Select one: a. the cost of production of the products considered b. how much one product costs compared to the other. c. how effectively one more of each of the two competing goods satisfies wants. d. the tastes and preferences of the decision-maker. When creating a graph for your economics course, which axis is most commonly used to represent price (p)? Select one: a. Price is most commonly represented on...
17. Match the statement affecting the production possibility curve with its graphical representation: New technology affecting both industries A. inward shift of the curve B. a movement along the curve C. outward shift of the curve D. A rotation of the curve E. Point outside the curve F. point inside the curve 18. Match the statement affecting the production possibility curve with its graphical representation: An increase in consumer spending on one good but no change in consumer's income A....
Your name: Student ID: ECON 220: PROBLEM SET 2 Due Date: Monday, February 17th, 2020 Part 1: Multiple choice questions (Although it's not required, make sure you can explain your answer). 1 point each. 1. An increase in an individual's income without changing relative prices will a. rotate the budget constraint about the X-axis. b. shift the indifference curves outward. c. shift the budget constraint outward in a parallel way. d. rotate the budget constraint about the Y axis. 2....
1. What do you think best describes each of the following markets: perfect competition, monopoly, oligopoly or monopolistic competition? Explain. a. The market for cars. b. The market for soy beans. c. The market for cellphones. d. The market for dining out in a large city. 2. Why is price equal to marginal revenue for a perfectly competitive firm but not for a monopolist? e) What is the opportunity cost of one more slurpee? O A. $0.75 OB. 0.5 candy...