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:
Drone
An unmanned aerial vehicle (UAV) operated by remote control or onboard computers, used for various purposes including photography, surveillance, and recreation.
Average Variable Costs
The sum of all costs that vary with output levels, when divided by the number of units produced.
Drones
Unmanned aerial vehicles (UAVs) capable of flying without a human pilot aboard, used for various purposes from recreation to military.
Total Variable Costs
Costs that vary directly with the level of production, including materials and labor directly involved in a company's manufacturing process.
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