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How would these questions concerning consumer budget constraints and price controls be accessed? 6) Suppose Jo consumes bundles of burgers and fries. Suppose the price

How would these questions concerning consumer budget constraints and price controls be accessed?

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6) Suppose Jo consumes bundles of burgers and fries. Suppose the price of burgers is $5 per burger, the price of ies is $2.50 per basket and J 0 has a total budget of $10 to spend on burgers and ies. a. Write an expression for Jo's budget constraint, given these values. b. Graph the budget line, placing burgers on the xaxis and fries on the yaxis. What are the x-intercept, the yintercept and slope of the budget line? Label these on your graph. . Label a bundle that is \"just affordable\7) Suppose that there is inflation and the prices of hamburgers and fries both rise by 1%. Further suppose Jo's budget is adjusted proportionately, so that her budget also increases by 1% a. What would happen to Jo's budget constraint in this case? b. Has the increase in prices affected Jo's well-being? (You do not need Jo's specific preferences to answer this question.) 4) Suppose the utility function U(x,y) = x"y" represents my preferences. Is it possible to write down another utility function that represents the same preferences? If so, write down two other utility functions and explain what must be true in order for those functions to represent the same preferences

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