For a consumer, the price of good 1 is $5 per unit for the first 5 units, then the price drops to $1 per unit for every unit purchased thereafter. The price of good 2 is $1 per unit. The consumer has an income of $50. If good 1 is represented on the x-axis and good 2 on the y-axis, the slope of the budget constraint at x1 = 3 is:

Consider the budget set for a consumer with income of 100 facing the following prices. The price for the first five units of good 1 is $10 (per unit) If the consumer buys more than five units, the price is $5 for any subsequent unit purchased. If the consumer buys 2 units of good 2 at a price of $10 a unit and is on her budget constraint, how many units of good 1 does she buy?Group of answer choices7891011

A consumer has income equal to $1,000, to spend on two goods, X and Y, where price of good X is $20 per unit, and price of good Y is $50 per unit. The X-intercept of the consumer's budget constraint has units and the Y-intercept of the consumer's budget constraint has units.

Figure 22-14Refer to Figure 22-14. Suppose the price of good X is $8, the price of good Y is $10, and the consumer's income is $360. Then the consumer's optimal choice is to buyGroup of answer choices40 units of good X and 4 units of good Y.30 units of good X and 12 units of good Y.15 units of good X and 24 units of good Y.20 units of good X and 20 units of good Y.

The quantity of a good demanded rises from 1000 to 1500 units when the price falls from $1.50 to $1.00 per unit. The price elasticity of demand for this product is approximately:

Consider a consumer who can buy good 1 or 2. The price of good 1 is $5 and the price for good 2 is $4. The consumer has income of 60. She buys 12 units of good 2. The consumer wants to also purchase 2 units of good 1. Which statement is true?Group of answer choicesThis is feasible, as the consumer is inside her budget setThis is outside the consumer’s budget set – it is unaffordableThis is affordable – the consumer would be consuming on her budget constraintall of the abovenone of the above PreviousNext