Page ( Placing a numerical value on the consumption of a good is an example of (1 pt.) a. Cardinal utility be Ordinal utility Ranking consumer satisfaction from the consumption of a good is an example of (1 pt.) at Cardinal utility b. Ordinal utility Draw an indifference curve (label it lo) and budget line (label it Be) on the graph below. Show the equilibrium point (label it En); and denote the equilibrium quantities of each good as Y1* and Y1\". Label both ofthe axes' (Just a general graph, no math needed.) {ZptsJ ZOOM + Page ( The indifference curves below indicate levels of satisfaction. Along each curve, we say that people are equally satisfied with all of the choices on that curve. Curves further from the origin represent higher levels of satisfaction Indifference Curve Number of Fast Food Visits NumberofPina PaorVisits 10' The price of fast food is $12 per restaurant visit and the price of pizza is $12 per pizza parlor visit. The available budget is 548. Write the budget line in the space below (hint: M=P1Y1+P2Yz}. Using the slope intercept formula for the budget line {Hint: all pizza and no fast food for x-intercept, and all fast food and no pizza for y-intercept }, draw this specific budget line on the graph above. {2pts.) Page of4 O ZOOM + 10' The price of fast food is $12 per restaurant visit and the price of pizza is $12 per pizza parlor visit. The available budget is $48; Write the budget line in the space below {hint M=P1Y1+P2Y2}. Using the slope intercept formula for the budget line {Hint all pizza and no fast food for x-intercept, and all fast food and no pizza for y-intercept }, draw this specific budget line on the graph above. {2pfs_) 11. What is the slope ofthe budget line in question 10? (a numerical value) (.1th 12. Given the prices and income described in question 10, which indifference curve allows you to achieve the highest level of satisfaction in the graph above? (lpt) as curve I c. curve "I be curve N do curve IV 13. In equilibrium, you would make fast food visits and pizza parlor visits (Zptsj Page