Answer the following questions based on the table. A consumer is able to consume the following bundles of rice and beans when the price of rice is $2 and the price of beans is $3.

a.How much is this consumer's income?
b.Draw a budget constraint given this information. Label it B.
c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.
d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if this consumer's income increased to $48. Label this D.

Question

Answer the following questions based on the table. A consumer is able to consume the following bundles of rice and beans when the price of rice is $2 and the price of beans is $3.

a.How much is this consumer's income?
b.Draw a budget constraint given this information. Label it B.
c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.
d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if this consumer's income increased to $48. Label this D.

Quizplus · Accepted Answer

The Answer of Answer the following questions based on the table. A consumer is able to consume the following bundles of rice and beans when the price of rice is $2 and the price of beans is $3.

a.How much is this consumer's income?
b.Draw a budget constraint given this information. Label it B.
c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.
d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if this consumer's income increased to $48. Label this D.

Answer the Following Questions Based on the Table