1. Monifa plans to spend her income on concert tiets and movie tiets. Suppose that she has...
Question:
1. Monifa plans to spend her income on concert tiets and movie tiets. Suppose that she has an income of $100. e price of a concert tiet is $20, and the price of a movie tiet is $10.
a. Draw, and carefully label, a budget line diagram illustrating the consumption combinations that she can afford.
b. Can she afford 6 movie tiets and 1 concert tiet? Label this point on your graph.
c. Can she afford 2 movie tiets and 6 concert tiets? Label this point on your graph.
d. Can she afford 4 movie tiets and 3 concert tiets? Label this point on your graph.
e. Whi of the combinations mentioned just uses up all her income?
Step by Step Answer:
Microeconomics In Context
ISBN: 9781138314566
4th Edition
Authors: Neva Goodwin , Jonathan M. Harris, Julie A. Nelson , Pratistha Joshi Rajkarnikar , Brian Roach , Mariano Torras