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1. Presume Richard has an after-tax income of $500 per week and should spend it all on food or clothing. If food is $5 per pound and clothing is $20 per piece, draw his budget line on a piece of graph paper, where the amount of food is gauged along the vertical axis and the amount of clothing is measured along the horizontal axis.

2. Sarah has $300 to allocate among opera tickets and movie tickets. The price of each opera ticket is $60, and the price of each movie ticket is $6. Her marginal rate of substitution of opera tickets for movie tickets equals 5, regardless of what market bundle she chooses. How many opera tickets does she purchase?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91225067

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