A consumer has income of $3,000. Wine costs $3 per glass, and cheese costs $6 per pound.
Question:
A consumer has income of $3,000. Wine costs $3 per glass, and cheese costs $6 per pound. Draw the consumer’s budget constraint. What is the slope of this budget constraint?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
shows the consumers budget constraint The intercept on the horizontal ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Suppose that a consumer has income y in the current period, income y' in the future period, and faces proportional taxes on consumption in the current and future periods. There are no lump-sum taxes....
-
A 15.0-cm-long grating has 6 000 slits per centimeter. Can two lines of wavelengths 600.000 nm and 600.003 nm be separated with this grating? Explain.
-
A crystal wine glass is partially filled with water. A person wets her finger and rubs it around the rim of the glass, which produces sound. Why is this?
-
For seven? years, France Corporation has been owned entirely by Steve and Maryssa? who are husband and wife? Steve and Maryssa have a $183,000 basis in their jointly owned France stock. The France...
-
For the matrix A below, find a linearly independent set S so that the null space of A is spanned by S, that is, N(A) = (S). 5572 1121 1132
-
Maggie's Muffins Bakery generated $5,000,000 in sales during 2016, and its year-end total assets were $2,500,000. Also, at year-end 2016, current liabilities were $1,000,000, consisting of $300,000...
-
Determine whether the following can be probability distributions of a random variable that can take on only the values of 0,1 , and 2 : (a) \(f(0)=0.34 \quad f(1)=0.34\) and \(f(2)=0.34\). (b)...
-
One of Sure-Bet Sherbets best-selling products is raspberry sherbet, which is manufactured in 10-gallon batches. Each batch requires six quarts of raspberries. The raspberries are sorted by hand...
-
Sustaining activity. I he following costs will be assigned using the activity-based costing system: Driver and guard wages Vehicle operating expense Vehicle depreciation Customer representative...
-
Ceramic Structures has experienced rapid growth over the past several years. Sales are expected to grow at 15% per year for the next three years. Sales growth has been fueled by aggressive pricing as...
-
Explain how an increase in the wage can potentially decrease the amount that a person wants to work.
-
Draw a consumers indifference curves for wine and cheese. Describe and explain four properties of these indifference curves.
-
Explain how organizational factors, such as management practices and legislative policies, affect a governments financial condition.
-
What approaches should be used in a link-building campaign?
-
Which digital marketing tactics should be developed to accommodate different buying models?
-
Summarize the main online revenue models.
-
Explain the linkage between site design and marketing objectives.
-
Explain what is meant by each of these five stages of on-site information processing: (1) Exposure; (2) Attention; (3) Comprehension and perception; (4) Yielding and acceptance; (5) Retention.
-
In Problems 2530, first estimate your answer and then calculate the exact answer. In the musical Rent, there is a song called Seasons of Love that uses the number 525,600 minutes. How long is this?
-
A parking lot charges $3 for the first hour (or part of an hour) and $2 for each succeeding hour (or part), up to a daily maximum of $10. (a) Sketch a graph of the cost of parking at this lot as a...
-
Sketch the curves using the equations given in Problems 28-51. \(x^{2}-y^{2}=1\)
-
Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from $8 to $10 if (i) your income is...
-
There are three industrial firms in Happy Valley. The government wants to reduce pollution to 60 units, so it gives each firm 20 tradable pollution permits. a. Who sells permits and how many do they...
-
Over the past century, has the governments tax revenue grown more or less slowly than the rest of the economy?
-
Milligan's Backyard Storage Kits, a mail order company, sells a variety of backyard storage unit kits and landscaping decorations to its customers. Although the company makes a profit, David...
-
1. If you think about then Guest Services Essentials class, what do you believe to be the biggest change in your customer service practice? 2. Name and describe two customer service techniques to...
-
Packaging Waste & Recycling UK, 2013('000 tonnes) 2,260 Total Packaging Waste Total Recycled 4,000 3,868 3,459 3,000 2,339 2,000 1,639 1,029 1,000 806 714 462 436 23 0 0 Metal Glass Wood Paper...
Study smarter with the SolutionInn App