Shirley spends all her income on movies and popcorn and the table shows her consumption possibilities....
Shirley spends all her income on movies and popcorn and the table shows her consumption possibilities.
| Movies (number per week) | Popcorn (cartons per week) |
| 0 | 20 |
| 1 | 15 |
| 2 | 10 |
| 3 | 5 |
| 4 | 0 |
If Shirley spends $40 a week:
a)what is the price of a carton of popcorn?
b)what is the price of a movie ticket?
c)what is the opportunity cost of a movie in terms of popcorn?
d) what is Shirley's real income in terms of popcorn?
Homework Answers
a) With the expenditure of $40 she can buy 20 pop corn, that means the price of the popcorn is $2.
b) She can buy a total of 4 movie tickets, this will make the price of the movie ticket to be $10.
c) she can get 4 movie of 20 popcorn so the opportunity cost of movie is 20/4 = 5 popcorn. to watch a movie she has to given up 5 pop corn.
d) In terms of Pop corn her real income is 20 popcorn.
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