Homework Answers
Ans) the correct option is b) the budget line shifts inward without a change in slope
When the price of a good increases, the amount of that good decreases.
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managerial economics and strategy
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the price of one good increases whike the price of another...
3. (3 Points) Intuitively describe what the slope of the budget line tells us about the...
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...
If the consumer's income increases, a. The budget line will swing outward (slope will become shallower)....
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.
Just the answer please, no need to show the work. Suppose there are two goods, the...
Just the answer please, no need to show the work. Suppose there are two goods, the prices of both goods are positive and a consumer's income is also positive. If the consumer's income doubles and the price of both goods triple, the consumer's budget line gets steeper and shifts inward. the slope of the consumer's budget line does not change but the budget line shifts outward away from the origin. the slope of the consumer's budget line does not change...
This Question: 1 pt 46 of 60 (39 complete) This Test: 60 pts p Jerry's lottery...
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...
Suppose you have drawn a consumer's budget line for food and clothing with food on the...
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.
1. Explain how a consumer's income and the prices of goods limit consumption possibilities. A change in...
1. Explain how a consumer's income and the prices of goods limit consumption possibilities. A change in the prices of goods ______ and a change in a consumer's income ______. A. has no effect on the budget line; changes the slope of the budget line B. shifts the budget line; has no effect on the budget line C. shifts the budget line; changes the slope of the budget line D. changes the slope of the budget line; shifts the budget line 2. Everything else remaining the same, consumption possibilities...
Pricier bread and cereal. Coming soon? Surging wheat and corn prices could hit the items in...
Pricier bread and cereal. Coming soon? Surging wheat and corn prices could hit the items in your grocery basket soon. Source: CNN Money, May 19, 2011 The rise in the price of food _______. A. shifts the budget line inward, and the new budget line is parallel to the original budget line B. does not change the budget line C. rotates the budget line outward D. rotates the budget line inward E. shifts the budget line outward, and the new...
QUESTION 2 A firm uses two inputs: capital and labor. The price of capital increases and the price of labor stays t...
QUESTION 2 A firm uses two inputs: capital and labor. The price of capital increases and the price of labor stays the same. What happens to the slope of the isocost line if capital is on the horizontal axis and labor on the vertical axis? The isocost line does not change The isocost line becomes steeper The isocost line shifts outward The isocost line becomes flatter
2 poin QUESTION 2 Afirm uses two inputs: capital and labor. The price of capital increases and the price of labor s...
2 poin QUESTION 2 Afirm uses two inputs: capital and labor. The price of capital increases and the price of labor stays the same. What happens to the slope of the isocost line if capital is on the horizontal axis and labor on the vertical axis? The isocost line does not change The Isocost line becomes steeper The isocost line shifts outward The isocost line becomes flatter QUESTION 3
For multiple select questions (square boxes), there could be zero, 1, 2, or as many as...
For multiple select questions (square boxes), there could be zero, 1, 2, or as many as all of the answers that are correct and can be selected. A budget line 1. rotates or shifts when the consumer's budget changes 2. will tangent to the indifference curve at the optimal choice of good. 3. rotates when the price of goods change. 4. has a slope equal to a relative price. 5. shows the limits to what can be consumed.
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...
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...
QUESTION 2 A firm uses two inputs: capital and labor. The price of capital increases and the price of labor stays the same. What happens to the slope of the isocost line if capital is on the horizontal axis and labor on the vertical axis? The isocost line does not change The isocost line becomes steeper The isocost line shifts outward The isocost line becomes flatter
2 poin QUESTION 2 Afirm uses two inputs: capital and labor. The price of capital increases and the price of labor stays the same. What happens to the slope of the isocost line if capital is on the horizontal axis and labor on the vertical axis? The isocost line does not change The Isocost line becomes steeper The isocost line shifts outward The isocost line becomes flatter QUESTION 3
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