**Please use 4 decimals when working out problems

QUESTION 1

Assume the following is the Budget Equation for a consumer:

51 Coke+ 205 Cheetos = 6412

What is the opportunity cost of one more unit of Cheetos? (enter this number as positive)

QUESTION 2

If the slope of the budget line is -81 and the price of x₂is 78, then what is the price of of x₁? (hint: remember that prices cannot be negative, so input your answer as a positive number).

QUESTION 3

Assume the following is the Budget Equation for a consumer:

193 Coke+ 86 Cheetos= 8175

What is the opportunity cost of one moreCoke ? (enter this number as positive)

QUESTION 4

Jonnyonly consumes beer and weed.A beer is $26 andan ounce of weed is $12.Jonny'sbudget is $2905 a month. If the expression of his budget line equation isWeed =H+V Beer, what would be the value of V? (hint: be careful with the signs)

QUESTION 5

If the budget equation is the following 18204 x₁+ 3345 x₂= 12242. What is the maximum amount of x₁that the consumer can buy?

QUESTION 6

If the slope of the budget line is -506 and the price of x₁is 99, then what is the price of of x₂? (hint: remember that prices cannot be negative, so input your answer as a positive number).

QUESTION 7

If the budget equation is the following 6478 x₁+ 1170 x₂= 15745. What is the maximum amount of x₂that the consumer can buy?

QUESTION 8

Assume the following is the Budget Equation for a consumer:

151 Vodka+ 152Rum = 8435

What would be the intercept of the budget line in the Rum axis ?

QUESTION 9

Assume the following is the budget equation for Courtney who spends her income between music concerts and movies:

52Music Concerts+ 109 Movies = 5679

IfMusic Concerts are measured on thehorizontal axis, whatwould be the slope of the budget line ?

QUESTION 10

Harrison spends all of his income on vacation trips and textbooks. If the price of a trip is $100 and the price of a textbook is $194, then the slope of his budget line (assuming vacation trips are measured on the vertical axis) would be

QUESTION 11

Suppose a cup of coffee at the campus coffee shop is $16.8 and a cup of hot tea is $10.7. Suppose a student's beverage budget is $111 per week. If you were going to write an algebraic expression of this budget line of the form Coffee = A + B Tea. B would be

QUESTION 12

If the budget line equation is x₂= - 86/246 x₁ + 10532/246

What is theincome of the consumer?

QUESTION 13

If the budget line equation is x₂= - 15/19 x₁ + 3104/19

What is the price of x₁?

QUESTION 14

Assume the following is the Budget Equation for a consumer:

154 Tequila+ 136Vodka = 4089

What would be the intercept of the budget line on theTequila axis?

QUESTION 15

1. Figure 4-1
   

Figure 5 - 2 (a) (b) (c) (d) (e) Oranges Oranges Oranges Oranges Oranges Apples Apples Apples Apples Apples