Hanna has $100 to spend on movies and concerts. Suppose the price of a movie ticket is
Question:
a. Create the budget constraint for movie tickets and concert tickets for Hanna.
b. Show the change in the budget constraint that would occur if the price of concert tickets dropped to $40.
c. Show the change in the budget constraint that would occur if the price of movie tickets doubled.
d. Show the change in the budget constraint that would occur if Hanna had $200 rather than $100.
e. Explain why we are not able to determine where on the budget constraint Hanna would choose to consume with the information given.
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Step by Step Answer:
a Hanna will be able to buy 10 movie tickets or 2 concert tickets with 100 Her budget constrain...View the full answer
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