Question 1
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Refer to Figure 6.2. The slope of budget constraint
AC is
◦ -1/2.
◦ -1.
◦ -2.
◦ indeterminate from this information because prices are not given.
Question 2
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Refer to Figure 6.2. Assume Mr. Lingle's budget constraint is
AC. If the price of a beer is $3, the price of a gardenburger is
◦ $1.50.
◦ 3.00.
◦ $6.00.
◦ $12.00.