Refer to the information provided in Figure 6.1 below to answer ...

[Awilson837]

Question 1

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.










Refer to Figure 6.1. The slope of budget constraint 
AC is

◦ -5.0.
◦ -2.0.
◦ -0.5.
◦ indeterminate from this information because prices are not given.

Question 2

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.










Refer to Figure 6.1. Assume Tom's budget constraint is 
AC. If the price of a hamburger is $10, the price of a hot dog is

◦ $4.
◦ $5.
◦ $10.
◦ $20.

[mrphibs]

A FREE account is required to view all solutions! Click to Register

Login with Facebook Login with Google Login with Email

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 49% of students answer this correctly

[genevieve1028]

Question 1

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.










Refer to Figure 6.1. Assume Tom's budget constraint is 
AC. If the price of a hot dog is $3, the price of a hamburger is

◦ $1.50.
◦ $3.
◦ $6.
◦ $12.

Question 2

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.










Refer to Figure 6.1. Assume Tom's budget constraint is 
AC. At which point does Tom consume only hot dogs?

◦ A.
◦ B.
◦ E.
◦ D.

[diana chang]

Answer 1

$6.

Answer 2

A.

[genevieve1028]

Excellent

[diana chang]

Great! Please up vote

[stevenposner]

Question 1

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.










Refer to Figure 6.1. Along budget constraint 
AC, the opportunity cost of one hamburger

◦ is 1/4 of a hot dog.
◦ is 1/2 of a hot dog.
◦ is 2 hot dogs.
◦ changes as you move down along the budget constraint.

Question 2

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.










Refer to Figure 6.1. Along budget constraint 
AC, the opportunity cost of one hot dog

◦ is 1/4 of a hamburger.
◦ is 1/2 of a hamburger.
◦ is 2 hamburgers.
◦ changes as you move down along the budget constraint.

[LegendaryAnswers]

Answer 1

is 2 hot dogs.

Answer 2

is 1/2 of a hamburger.

[acc299]

Question 1

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.










Refer to Figure 6.1. Tom's budget constraint is 
AC. His choice set includes all points

◦ to the right of budget constraint 
AC.
◦ bounded by the area O
AC.
◦ along budget constraint 
AC.
◦ along the vertical and horizontal axes.

Question 2

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.










Refer to Figure 6.1. 
AC represents Tom's budget constraint. Point 
D then represents a point that is

◦ an available option, as Tom is just spending all of his income.
◦ available, but at which he does not spend all his income.
◦ not available because it represents a combination of hamburgers and hot dogs that he cannot purchase with his income.
◦ in his opportunity set but not on his budget constraint.

[missalyssa26]

Answer 1

bounded by the area O
AC.

Answer 2

not available because it represents a combination of hamburgers and hot dogs that he cannot purchase with his income.