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Budget constraint in a diagram with popcorn

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Reference no: EM131233192

1. If the price of x triples and the price of y doubles, then the budget line becomes steeper. True or False?

2. The price of bread is $7.5 per kilogram, and the price of butter is $5 per kilogram. Rupert buys 12 kilograms of bread, and his income is $120. How much butter does he buy, assuming that he consumes nothing else than butter and bread? No unit, no rounding.

3. Alan can spend $10 a week on snacks. He likes ice cream, which cost $1 per scoop, and popcorn, which costs 40 cents per bag. All of a sudden, however, his sister Alice starts stealing half of his popcorn every time he buys any. Which of the following statements is true about Alan's budget constraint in a diagram with popcorn on the x-axis?

  • It makes a parallel shift outward.
  • It rotates around the intercept on the y-axis.
  • It rotates around the intercept on the x-axis.
  • It makes a parallel shift inward.

Reference no: EM131233192

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