1 Emilio buys pizza for $10 and lemonade for $2. He has income of $100. His budget...

Question:

1 Emilio buys pizza for $10 and lemonade for $2. He has income of $100. His budget constraint will experience a parallel outward shift if which of the following events occur?

a The price of pizza fa lls to $5, the price of lemonade falls to $1 and his income falls to $50.

b The price of pizza rises to $20, the price of lemonade rises to $4 and his income remains the same.

c The price of pizza falls to $8, the price of lemonade fal ls to $1 and his income rises to $120.

d The price of pizza rises to $20, the price of lemonade rises to $4 and his income rises to $400.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles Of Microeconomics

ISBN: 125206

8th Edition

Authors: Joshua Gans, Stephen King, Martin Byford, N Gregory Mankiw

See More Books

Question Posted: Nov 04, 2024 08:00 AM

See More Questions

Multiple Choice Questions 1. Emilio buys pizza for $10 and soda for $2. He has income of $100. His budget constraint will experience a parallel outward shift if which of the following events occur?...
Emilio buys pizza for $10 and lemonade for $2. He has income of $100. His budget constraint will experience a parallel outward shift if which of the following events occur? a The price of pizza falls...
Are the statements in (a) and (b) below saying the same thing? (Hint: think about the tradeoffs between concerns of intra- and intergenerational equity.) (a) Sustainability is principally about...
The current operation consists of the following elements: Operator removes pressed unit (0.2 min) Operator walks to inspection area, checks for defects (0.1 min) Operator files rough edges (0.2 min)...
A 2 m by 2 m flat plate solar collector for domestic hot water heating is shown schematically in the sketch. Solar radiation at a rate of 750 W/m2 is incident on the glass cover which transmits 90%...
1 Emilio buys pizza for $10 and lemonade for $2. He has income of $100. His budget constraint will experience a parallel outward shift if which of the following events occur? a The price of pizza fa...
The Bozeman Inn is trying to determine its break-even point. The inn has 75 rooms that are rented at $50 a night. Operating costs are as follows. Salaries ..........$8,500 per month Utilities...
What organizations are trending towards facility naming rights in marketing
7 Can an increase in the price of cheese possibly induce a consumer to buy more cheese? Explain.
2 At any point on an indifference curve, the slope of the curve measures the consumer's a income. b will ingness to trade one good for the other. c perception of the two goods as substitutes or...
Misty Briggs, owner of Briggs Machine Shop, maintains two checking accountsone for personal affairs and one for the business. What basic accounting concept does this arrangement illustrate?
Problem #2: A food producer produces two types of turkey ham to be sold to fast food restaurants. Each type of ham consists of white meat and dark meat. Ham 1 sells for $40 per kg., and must consist...
Franco buys a sofa from Grey at a garage sale. Franco writes Grey a check for $50 to pay for the couch. Grey is a. the drawee.O b. the payee. c. the negotiator.O d. the drawer
Worksheet: Golden Globe Assignment As you review the FCC's MO&O in the Golden Globe case, use this worksheet to record the answers that you will need in order to complete the assignment on...
[The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000....
Case Narrative Jane Dempsey, controller of the Classic Pen Company, was concerned about the recent financial trends in operating results. Classic Pen had been the low-cost producer of traditional...
The magnetic poles of a small cyclotron produce a magnetic field with magnitude 0.85 T. The poles have a radius of 0.40 m, which is the maximum radius of the orbits of the accelerated particles. (a)...
A new car sold for $31,000. If the vehicle loses 15% of its value each year, how much will it be worth after 10 years?

1 Emilio buys pizza for $10 and lemonade for $2. He has income of $100. His budget...

Question:

Step by Step Answer:

Principles Of Microeconomics

Students also viewed these Business questions