1. An individual's budget Suppose Crystal has a weekly budget of $48 to spend on ranch dressing and peanut butter. Ranch dressing is priced at $4 per bottle, and peanut butter is priced at $2 per jar. If Crystal spends her entire $48 on ranch dressing, she can buy bottles of ranch dressing. If she spends her entire $48 on peanut butter, she can buy jars of peanut butter. Use the blue line (circle symbol) to plot Crystal'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 peanut butter that are affordable for Crystal. Finally, place the black point (plus symbol) on the point on Crystal's budget constraint that corresponds to a scenario in which Crystal spends $24 on each good. Note: Dashed drop lines will automatically extend to both axes. Note: Dashed drop lines will automatically extend to both axes. PEANUT BUTTER (Jars) 36 33 30 27 24 21 1B 15 12 3 6 9 12 15 18 21 24 27 RANCH DRESSING (Bottles) 30 33 36 0 BC 1 ($48) El Affordable Region ' 1' $24 on Each A 302 ($60) 13) _/ K What does the slope of Crystal's budget constraint represent? The opportunity cost of an additional bottle of ranch dressing in terms ofjars of peanut butter The cost of an additional bottle of ranch dressing in terms of dollars The opportunity cost of an additional jar of peanut butter in terms of bottles of ranch dressing The cost of an additional jar of peanut butter in terms of dollars Suppose Crystal receives $12 from her relative and decides to commit this money to purchasing more ranch dressing and peanut butter. Using the green line (triangle symbol), draw Crystal's new budget constraint on the preceding graph. True or False: Crystal faces the same tradeoff between ranch dressing and peanut butter. True False