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  • Antonio brings $30 to a baseball game to spend on sodas and pizza

    2. Shilts in a budget constraint Antonio brings $30 to a baseball game to spend on sodas and pizza. The following diagram shows his budget constraint:According to the diagram, sodas cost $_______ each, and pizza costs $_______  per slice.Adjust the diagram to show how Antonio's budget constraint would change if he had brought less money to the ballpark. (Assum and pizza...

  • On the budget constraint and indifference curve diagram (click on it to make it bigger), if...

    On the budget constraint and indifference curve diagram (click on it to make it bigger), if DK is the original budget line and DF is the new budget line, then which of the following must have happened to cause the move from DK to DF? The price of hot dogs must have risen. The price of Cokes must have fallen....

  • 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...

  • 9. Income and substitution effects Dmitri and Frances Doherty live in Miami and enjoy going out...

    9. Income and substitution effects Dmitri and Frances Doherty live in Miami and enjoy going out to fancy restaurants for dinner and to diners for breakfast. On the following diagram, the purple curves 11 and 12 represent two of their indifference curves for fancy dinners and diner breakfasts. They have $1,000 per month available to spend on eating out. The...

  • 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...

  • The Philadelphia Phillies occasionally offer “Dollar Dog Nights” as a way to promote attendance at ballgames...

    The Philadelphia Phillies occasionally offer “Dollar Dog Nights” as a way to promote attendance at ballgames (baseball games routinely do not sell out). Suppose they sell hot dogs for $1 each and chili dogs for $3 each. Dan attends the game and has utility such that U = √? +√?. Dan only has $15 cash and no credit card. a....

  • Jasmine loves to support her local sports teams. She has an annual budget of $400 to...

    Jasmine loves to support her local sports teams. She has an annual budget of $400 to divide between basketball games and football games. Tickets to a basketball game cost $25, and tickets to a football game cost $100. Jasmine loves to support her local sports teams. She has an annual budget of $400 to divide between basketball games and football...

  • please use Excel to answer each question Questions 1-3 Biff Titan, a student at UWO, plans...

    please use Excel to answer each question Questions 1-3 Biff Titan, a student at UWO, plans to open a hot dog stand inside UWO's football stadium during home games. There are eight (8) home games scheduled for the upcoming season. He must pay the UWO athletic department a vendor's fee of $1,600 for the season. The stand and other equipment...

  • Harry has $100 to spend on either vegetable or meat. The price of 1 kilogram of...

    Harry has $100 to spend on either vegetable or meat. The price of 1 kilogram of vegetable is $5, while the price of 1 kilogram of meat is $10. Instead of $100, now Harry has $200 income to spend. (d.i) Write down his new budget constraint equation. (d.ii) Plot new budget constraint(specify the intercepts and the slope). Following part (d),...

  • Tom's monthly budget control Namber of hot dogs per month 20 Number of hamburgeru per month...

    Tom's monthly budget control Namber of hot dogs per month 20 Number of hamburgeru per month (13) Refer to above Figure. Assume Tom is on budget constraint AC and the price of a hamburger is $4.00. Tom's monthly income is A) $20. Pe $4 B) $60. X= 20 hamburgers C) $80. Toms monthly income : 20 x 4 = $...

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