Suppose Musashi has a weekly budget of $24 to spend on juice and yogurt. Juice is priced at $2 per gallon, and yogurt is priced at $6 per container. containers gallons of juice. If he spends his entire $24 on yogurt, he can buy If Musashi spends his entire $24 on juice, he can buy of yogurt. Use the blue line (circle symbol) to plot Musashi's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of juice and yogurt that are affordable for Musashi. Finally, place the black point (plus symbol) on the point on which Musashi spends $12 on each good. Musashi's budget constraint that corresponds to a scenario Note: Dashed drop lines will automatically extend to both axes. 24 22 BC, ($24) 20 18 16 Affordable Region 14 12 10 $12 on Each 8 A 6 BC, ($48) 2 4 6 8 10 12 14 16 18 20 22 24 JUICE (Gallons) YOGURT (Containers)
Suppose Musashi has a weekly budget of $24 to spend on juice and yogurt. Juice is priced at $2 per gallon, and yogurt is priced at $6 per container. containers gallons of juice. If he spends his entire $24 on yogurt, he can buy If Musashi spends his entire $24 on juice, he can buy of yogurt. Use the blue line (circle symbol) to plot Musashi's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of juice and yogurt that are affordable for Musashi. Finally, place the black point (plus symbol) on the point on which Musashi spends $12 on each good. Musashi's budget constraint that corresponds to a scenario Note: Dashed drop lines will automatically extend to both axes. 24 22 BC, ($24) 20 18 16 Affordable Region 14 12 10 $12 on Each 8 A 6 BC, ($48) 2 4 6 8 10 12 14 16 18 20 22 24 JUICE (Gallons) YOGURT (Containers)
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
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![What does the slope of Musashi's budget constraint represent?
O The opportunity cost of an additional container of yogurt in terms of gallons of juice
O The cost of an additional gallon of juice in terms of dollars
O The cost of an additional container of yogurt in terms of dollars
O The opportunity cost of an additional gallon of juice in terms of containers of yogurt
Suppose Musashi receives $24 from his grandmother and decides to dedicate this money to buying more juice and yogurt.
Using the green line (triangle symbol), draw Musashi's new budget constraint on the preceding graph.
True or False: Musashi faces the same tradeoff between juice and yogurt.
O True
O False](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73360e59-5edd-486f-ad18-bddf56b16620%2F6d2980af-ded6-4edf-8d72-cc5ccedb6cba%2F4smd47p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:What does the slope of Musashi's budget constraint represent?
O The opportunity cost of an additional container of yogurt in terms of gallons of juice
O The cost of an additional gallon of juice in terms of dollars
O The cost of an additional container of yogurt in terms of dollars
O The opportunity cost of an additional gallon of juice in terms of containers of yogurt
Suppose Musashi receives $24 from his grandmother and decides to dedicate this money to buying more juice and yogurt.
Using the green line (triangle symbol), draw Musashi's new budget constraint on the preceding graph.
True or False: Musashi faces the same tradeoff between juice and yogurt.
O True
O False
![1. An individual's budget
Suppose Musashi has a weekly budget of $24 to spend on juice and yogurt. Juice is priced at $2 per gallon, and yogurt is priced at $6 per container.
If Musashi spends his entire $24 on juice, he can buy
gallons of juice. If he spends his entire $24 on yogurt, he can buy
containers
of yogurt.
Use the blue line (circle symbol) to plot Musashi's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the
area that represents combinations of juice and yogurt that are affordable for Musashi. Finally, place the black point (plus symbol) on the point on
Musashi's budget constraint that corresponds to a scenario in which Musashi spends $12 on each good.
Note: Dashed drop lines will automatically extend to both axes.
24
22
20
BC, ($24)
18
16
Affordable Region
14
12
$12 on Each
6.
4
BC, ($48)
4
6.
8
10
12
14
16
18
24
JUICE (Gallons)
22
20
10
2)
YOGURT (Containers)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73360e59-5edd-486f-ad18-bddf56b16620%2F6d2980af-ded6-4edf-8d72-cc5ccedb6cba%2Fhsg45sd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. An individual's budget
Suppose Musashi has a weekly budget of $24 to spend on juice and yogurt. Juice is priced at $2 per gallon, and yogurt is priced at $6 per container.
If Musashi spends his entire $24 on juice, he can buy
gallons of juice. If he spends his entire $24 on yogurt, he can buy
containers
of yogurt.
Use the blue line (circle symbol) to plot Musashi's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the
area that represents combinations of juice and yogurt that are affordable for Musashi. Finally, place the black point (plus symbol) on the point on
Musashi's budget constraint that corresponds to a scenario in which Musashi spends $12 on each good.
Note: Dashed drop lines will automatically extend to both axes.
24
22
20
BC, ($24)
18
16
Affordable Region
14
12
$12 on Each
6.
4
BC, ($48)
4
6.
8
10
12
14
16
18
24
JUICE (Gallons)
22
20
10
2)
YOGURT (Containers)
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