Answer the Following Questions Based on the Table

question 62

Short Answer

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 by $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:

Main Supporting Points

The key arguments or pieces of evidence that underpin the main thesis or claim in a piece of writing or speech.

Audience's Attention

The focus or concentration that an audience gives to a speaker, presentation, or performance.

Digital Divide

Refers to the gap between individuals who have access to modern information and communication technology and those who do not.

Human Moments

Interactions or experiences that involve genuine human connection and emotional engagement, often in contrast to digital or virtual interactions.