Pace Microeconomics Problem Set

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IIIvpgbevn

Economics

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only two big questions, just answer it carefully, the questions are in the picture that i upload

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representing Jacob's choice, assuming that he has chosen the optimal combination. c. Suppose that the price of ice cream cones rises to $4 per cone. Draw Jacob's new budget constraint.e d. Suppose that Jacob's allowance in problem 1 climbs from $20 to $40 per week. Show how th increased allowance alters Jacob's budget constrainte 2. In the following budget constraint-indifference curve graph, Nikki has $200 to spend on blouses and skirts.e a. What is the price of blouse? What is the price of skirts?4 b. Is Nikki making the optimum choice if she buys 4 blouses and 2 skirts? Explain how you know this el Blouses 5 4 Skirts 0 2 J群细信息,请联系你的管理员了解 Office 计划。 1. Jacob receives an allowance of $20 per week. He spends all his allowance on ice cream cones and cans of Lemon Fizz soda. a. If the price of ice cream cones is $2 per cone and the price of cans of Lemon Fizz is $5 per can, draw a graph showing Jacob's budget constraint. Be sure to indicate on the graph the maximum number of ice cream cones and the maximum number of cans of Lemon Fizz that Jacob can buy. b. Jacob buys 5 ice cream cones and 2 can of Lemon Fizz. Draw an indifference curve representing Jacob's choice, assuming that he has chosen the optimal combination. c. Suppose that the price of ice cream cones rises to $4 per cone. Draw Jacob's new budget constraint. d. Suppose that Jacob's allowance in problem 1 climbs from $20 to $40 per week. Show how the increased allowance alters Jacob's budget constraint لے 2. In the following budget constraint-indifference curve graph, Nikki has $200 to spend on blouses and skirts. a. What is the price of blouse? What is the price of skirts? b. Is Nikki making the optimum choice if she buys 4 blouses and 2 skirts? Explain how you know this. Blouses 5 4 ES 字[ 英语(美国)
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Really useful study material!

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