Question: would you be able to draw this graph for me? Based on the given information, when Steven's income is $500, he consumes 50 sleeves of
would you be able to draw this graph for me?
Based on the given information, when Steven's income is $500, he consumes 50 sleeves of fries (F = 50) and 150 slices of pizza (P = 150).
drawing of Steven's optimal choice given the budget constraint. On the horizontal axis, we'll represent the number of sleeves of fries (F), and on the vertical axis, we'll represent the number of slices of pizza (P).
Since Steven's budget constraint equation is 4F + 2P = $500, we can rearrange it to solve for P: P = 5004F2
Plotting this equation on the graph, we get a straight line with an intercept of 250 on the P-axis (when F = 0) and an intercept of 125 on the F-axis (when P = 0).
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
