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Category > Economics Posted 28 May 2017 My Price 10.00

John Q. Public spends all of his income on CDs and hamburgers

John Q. Public spends all of his income on CDs and hamburgers. Draw his budget constraint for these products when the following are true: 1) Graph A: his income is $80, the cost of a CD is $2 and a cost of a burger is $2. 2) Graph B: his income is $120, the cost of a CD is $2 and the cost of a burger is $2. 3) Graph C: his income is $80, the cost of a CD is $5 and the cost of a burger is $2. 4) Add an indifference curve into graph A. How many CDs and burgers will he buy to be at equilibrium? 5) Add an indifference curve into graph B. How many CDs and burgers will he buy to be at equilibrium? 6) Add an indifference curve into graph C. How many CDs and burgers will he buy to be at equilibrium? 7) Does the equilibrium level of CDs and burgers change due to the changes in income and costs?

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Math Expert
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Status NEW Posted 28 May 2017 10:05 PM My Price 10.00

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Attachments

file 1496010418-Graph Answer.docx preview (175 words )
1-----------) G-----------rap-----------h A-----------: h-----------is -----------inc-----------ome----------- is----------- $8-----------0, -----------the----------- co-----------st -----------of -----------a C-----------D i-----------s $-----------2 a-----------nd -----------a c-----------ost----------- of----------- a -----------bur-----------ger----------- is----------- $2-----------. ----------- 2-----------) G-----------rap-----------h B-----------: h-----------is -----------inc-----------ome----------- is----------- $1-----------20,----------- th-----------e c-----------ost----------- of----------- a -----------CD -----------is -----------$2 -----------and----------- th-----------e c-----------ost----------- of----------- a -----------bur-----------ger----------- is----------- $2-----------. ----------- 3-----------) G-----------rap-----------h C-----------: h-----------is -----------inc-----------ome----------- is----------- $8-----------0, -----------the----------- co-----------st -----------of -----------a C-----------D i-----------s $-----------5 a-----------nd -----------the----------- co-----------st -----------of -----------a b-----------urg-----------er -----------is -----------$2.----------- ----------- 4)----------- Ad-----------ded----------- an----------- in-----------dif-----------fer-----------enc-----------e c-----------urv-----------e i-----------nto----------- gr-----------aph----------- A.----------- L-----------et -----------us -----------sup-----------pos-----------e t-----------hat----------- in-----------dif-----------fer-----------enc-----------e c-----------urv-----------e i-----------s t-----------ang-----------ent----------- to----------- bu-----------dge-----------t l-----------ine----------- at----------- po-----------int----------- (2-----------0,2-----------0) ----------- Th-----------ere-----------for-----------e a-----------t e-----------qui-----------lli-----------bri-----------um,----------- E -----------20 -----------CDs-----------
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