Assume that you have a budget of 25 to spend on milk and, Ask an Expert

Economics

Assume that you have a budget of $25 to spend on milk and cereal only. The price of milk is

P_M =$5 and the price of cereal is P_C =$4. Answer the following quesitons.

1-Graph the budget constraint. Be sure to put the quantity of milk (Q_M ) on the horizontal axis.

2-What is the most you can purchase of cereal?

3-If you purchase 5 units of cereal (Q_C = 5), then how many units of milk can you purchase at most?

4-What is the slope of the budget constraint? (Note: it is important that you answer Question 2.1 correctly and put Q_M on the horizontal axis.)

5-What is the opportunity cost of three units of cereal?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91421595

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