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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

Answer the Following Questions Based on the Table