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Last economic Question

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A month ago
 Last economic Question Could you help me with this particular question?Dale likes to consume both sweatshirts and jackets. The price of a sweatshirt is $20, while the price of a jacket is$60. If Dale's marginal benefit of another sweatshirt is $60, what must be the marginal benefit of another jacket? Assume Dale is optimizing by using the "equal bang for your buck" rule. The marginal benefit of another jacket must be$ 180 . (Enter your answer as a whole number.) Draw Dale's budget set, assuming he has $120 to spend. Show the shift in this budget set when the price of jackets decreases to$30. 1 .) Using the line drawing tool, draw Dale's budget constraint at the original prices of $20 for a sweatshirt and$60 for a jacket. Label the line 'BCI ' 2.) Using the line drawing tool, draw the new budget constraint after the price of jackets decreases to \$30. Label the line 'BC2 Carefully follow the instructions above and only draw the required objects. Attached file Thumbnail(s): You must login or register to gain access to this attachment. Read 110 times 13 Replies

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Educator
A month ago
s.h_math Author
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A month ago
 Uhm, I'm not sure how you get 6 jackets and 18 sweatshirts in total?
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Educator
A month ago
 Quote from: s.h_math (A month ago)Show the shift in this budget set when the price of jackets decreasesYou take your budget, 180, divide by the price of each item.So for jackets it's 120 / 60 = 2, and for sweatshirts its 120 / 20 = 6.Does that help?
s.h_math Author
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A month ago
 Yes, that definitely helps, would you believe my graph is correct? Please let me know, thanks a lot! Attached file Thumbnail(s): You must login or register to gain access to this attachment.
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Educator
A month ago
 Looks similar to the one in the example I provided. What are those black lines?
s.h_math Author
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A month ago Edited: A month ago, s.h_math
 The black line is just the pointer to label the graph line sir.Post Merge: A month agoThe black line is just the pointer to label the graph line sir.
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Educator
A month ago
 I haven't verified if it's 100 percent right, but it does look similar to the style of the other question.
s.h_math Author
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A month ago
 Do you know when you would be able to verify it 100%?
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Educator
A month ago
 So after the jacket decreases by 30, now the jacket is worth 30 dollars a piece. 180 divided by 30 is 6.That is reflected in your graph.
s.h_math Author
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A month ago
 It said this Attached file Thumbnail(s): You must login or register to gain access to this attachment.
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Educator
A month ago
 Hmmm. I'm not certain to be honest 😥 What can you make of that?
s.h_math Author
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A month ago Edited: A month ago, s.h_math
 Would you mind checking if this would work better?Post Merge: A month agoi'm on my last try Attached file Thumbnail(s): You must login or register to gain access to this attachment.
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Educator
A month ago
 It looks right to me, but I was wrong the last time. I wish I could be more certain
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