Answer the following questions based on the table. A consumer is able to consume the following bundles of rice and beans when the price of rice is $2 and the price of beans is $3.
a.How much is this consumer's income?
b.Draw a budget constraint given this information. Label it B.
c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.
d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if this consumer's income increased to $48. Label this D.
Definitions:
Job-Order Costing
Job-order costing tracks production costs individually for each job or project, making it suitable for customized orders or differentiated products.
Process Costing
An accounting method used to accumulate costs in standardized, continuous production processes, assigning average costs to identical product units.
Industry
The sector of an economy concerned with the production and distribution of goods and services within a specific field or area.
Job-Order Costing
An accounting system used to assign manufacturing costs to individual products or batches, making it possible to track the cost of specific jobs or orders.
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