economics questions

10. The price of DVDs (D) is $20 and the price of CDs (0) is $10. Philip has a budget of $100 to spend on the two goods. Suppose that he has already bought one DVD and one CD. In addition, there are 3 more DVDs and 5 more CDs that he would really like to buy. a. Given the above prices and income, draw his budget line on a graph with CDs on the horizontal axis. b. Considering what he has already purchased, and what he still wants to purchase, identify the three different bundles of CDs and DVDs that he could choose. For this part of the question, assume that he cannot purchase fractional units. 6. Describe the equal marginal principle. Explain why this principle may not hold if increasing marginal utility is associated with the consumption of one or both goods. T. Drav;r indi'erence curves that represent the following individuals\" preferences for hamburgers and soft drinks. Indicate the direction in which the individuals' satisfaction (or utility) is increasing. a. Joe has convex preferences and dislikes both hamburgers and soft drinks. b. Jane loves hamburgers and dislikes soft drinks. If she is served a soft drink, she will pour it down the drain rather than drink it. c. Bob loves hamburgers and dislikes soft drinks. If he is served a soft drink, he will drink it to be polite. d. Molly loves hamburgers and soft drinks, but insists on consuming exactly one soft drink for every tvvo hamburgers that she eats. e. Bill likes hamburgers, but neither likes nor dislikes soft drinks. f. Mary always gets tvvice as much satisfaction from an extra hamburger as she does from an extra soft drink. 8. Janelle and Brian each plan to spend $20,000 on the styling and gas mileage features of a new car. They can each choose all styling, all gas mileage, or some combination of the two. Janelle does not care at all about styling and wants the best gas mileage possible. Brian lilies both equally and wants to spend an equal amount on each. Using indj'erence curves and budget lines, illustrate the choice that each person will make.