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Ronald is an Economics students who likes to spend his leisure time of sixty hours a month doing
one of two activities: watching movies at Dendy Cinemas Newtown (x), and indoor-climbing
(y). A trip to the movies takes 3 hours, and each visit to the climbing gym lasts 5 hours.
Further, suppose that Ronald has a fixed monthly monetary budget to spend on leisure activities. He currently exhausts this entire budget by watching two movies and visiting the climbing
gym fifteen times. With this monthly budget, he would also have been able to afford exactly
seven movies and six visits to the climbing gym.
Assume that both goods are perfectly divisible.
(b) Show, using algebra, that Ronald’s two budget lines intersect at the bundle (x, y) =
(5.5, 8.7).
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Solved in 3 steps with 16 images
- Ronald is an Economics students who likes to spend his leisure time of sixty hours a month doing one of two activities: watching movies at Dendy Cinemas Newtown (x), and indoor-climbing (y). A trip to the movies takes 3 hours, and each visit to the climbing gym lasts 5 hours. Further, suppose that Ronald has a fixed monthly monetary budget to spend on leisure activi- ties. He currently exhausts this entire budget by watching two movies and visiting the climbing gym fifteen times. With this monthly budget, he would also have been able to afford exactly seven movies and six visits to the climbing gym. Assume that both goods are perfectly divisible. (a) Write down Ronald's money and time constraints as algebraic inequalities. (b) Show, using algebra, that Ronald's two budget lines intersect at the bundle (x, y) (5.5, 8.7). = (c) Plot Ronald's money constraint using a red dotted line. Plot Ronald's time constraint using a blue dotted line. Clearly label each constraint, any axis…A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, orsodas, which cost $4 each.What is the largest number of burritos that the student could afford to purchase in onemonth?What is the largest number of sodas the student could afford to purchase in one month? Draw the student's budget constraint. Put burritos on the x-axis and sodas on the y-axis.1. An individual's budget Suppose Darnell has a weekly budget of $32 to spend on ranch dressing and spinach. Ranch dressing is priced at $4 per bottle, and spinach is priced at $2 per container. If Darnell spends his entire $32 on ranch dressing, he can buy 16 containers of spinach. 8 bottles of ranch dressing. If he spends his entire $32 on spinach, he can buy Use the blue line (circle symbol) to plot Darnell's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of ranch dressing and spinach that are affordable for Darnell. Finally, place the black point (plus symbol) on the point on Darnell's budget constraint that corresponds to a scenario in which Darnell spends $16 on each good. Note: Dashed drop lines will automatically extend to both axes.
- John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Supposethat John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke?Suppose Jane has $100$100 and is going to have a birthday party. She wants to order pizza and sushi. The price of a pizza is $6$6, and the price of one package of sushi is $8$8. Considering that she decided to spend $60$60 on pizza, how many pizzas and packages of sushi can Jane order? Enter your answer in the box below and round down to the nearest whole number if necessary; rounding your answer up may cause Jane to exceed her budget.Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $5.00 and $2.00respectively. What would be your optimal consumption bundle
- A penurious graduate student has a food budget of $100.00/week. To survive with sufficient energy to attend classes, he knows that he needs to consume 50 protein units per week. The only two foods he can stand to eat on a regular basis are beans and hamburger. He derives twice as ich pleasure per protein unit from eating hamburger as he does from beans. a. Assume that hamburger costs $3.00 per protein unit and beans cost $1.00 per protein unit. Formulate the student's diet problem as a linear program. (You can assume he wants to maximize his "total utility" from his diet and that he gets I utile from each protein unit of beans he consumes and 2 utiles from each pro- tein unit of hamburger.) What is the optimal consumption of beans and ham- burger in this case? b. Plot the student's price-response curve for beans as the price of beans goes from $0.01 to $2.00, assuming that everything else (including the price of hamburger) stays constant. Note that his individual price-response…John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke or does he show increasing marginal utility for Coke? Suppose that John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke? *use tables and/or graphs if possible, please original workA student has a monthly budget of $120 to spend on either burrito, which cost $6 each, or sodas, which cost $4 each.Draw the student's budget constraint. Put burritos on the x-axis and sodas on the y-axis. Which combinations of burritos and sodas are unaffordable--those to the left of the line in the graph or those above the line in the graph? Why? Which combinations would leave some budget unspent - those to the left of the line in the above graph or those to the right of the line in the above graph?
- Megan likes to eat toast with hazelnut spread and drink wine. She enjoys these items in very specific proportions: For every piece of toast with hazelnut spread she eats, she drinks exactly one glass of wine, and vice versa. Megan can purchase the hazelnut spread for her toast in two jar sizes: 20 ounces and 40 ounces. Megan cares only about the total amount of hazelnut spread she has available and not at all about the jar size. In other words, she's just as happy with two 20-ounce jars as she is with one 40-ounce jar. In this scenario, toast with hazelnut spread and glasses of wine are Two possible bundles of toast with hazelnut spread and glasses of wine are shown on the following graph, labeled A and B. Using three purple points (diamond symbol), plot Megan's indifference curve that passes through point A (11). Then, using three orange points (square symbol), plot Megan's indifference curve that passes through point B (I2). Hint: To plot both indifference curves, place one point on…Consider the following table, which listsJames’s marginal utility schedule for steak andhamburger meals: Given a budget of $45, how many steak and hamburgermeals will James buy per month to maximizehis total utility? What is the total utilityrealized?1. 2. Suppose Frank enjoys traveling and his utility is a function of the number of airplane trips he takes and the number of bus rides he takes. His utility function is given by U(b,p) = 3b0-4p0.8. A trip on a plane costs $400, a trip on the bus costs $50 and Frank has $3,000 to spend on travel. a. Draw Frank's budget line on a graph with bus trips on the vertical axis. b. Calculate AND INTERPRET the slope of Frank's budget line. c. Draw a representative indifference curve on your graph and provide a function that describes the slope of this indifference curve (i.e., find Frank's marginal rate of substitution). What is the INTERPRETATION of the marginal rate of substitution? d. What two conditions must be met in order for Frank to maximize his utility? e. What are the utility maximizing quantities of plane trips and bus trips for Frank? Given income of $1000, Px = 25 and Py = 40, find (1) a function for the MRS and (2) the utility maximizing consumption bundle for each of the…
