Answer the Following Questions Based on the Table

question 152

Essay

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.

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Definitions:

Natural Resources

Raw materials that are obtained from the Earth, which can include water, minerals, forests, and fossil fuels.

Intangible Assets

Non-physical assets owned by a business that have a value, such as patents, trademarks, and intellectual property.

Nonphysical Assets

Assets that do not have a physical form, such as patents, trademarks, and goodwill.

Competitive Advantages

Unique attributes or circumstances that give a business or product superiority over its competitors.