A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a cup of Ramen soup for $1.50 per meal. their weekly food budget is $60. Assume that they spend equal amounts on both goods. On the following graph, use the green line (triangle symbol) to draw the college student's budget constraint. Then use the black point (plus symbol) to indicate the initial optimum in this case. 50 45 ss Tips 40 s Tips UT Cups of Ramen Soup 2 8 8 33 10 5 0 o 2 4 6 8 10 12 14 16 18 20 Meals at Dining Hall A Initial Budget Constraint Initial Optimum (A) New Budget Constraint New Optimum (B) ? 13
A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a cup of Ramen soup for $1.50 per meal. their weekly food budget is $60. Assume that they spend equal amounts on both goods. On the following graph, use the green line (triangle symbol) to draw the college student's budget constraint. Then use the black point (plus symbol) to indicate the initial optimum in this case. 50 45 ss Tips 40 s Tips UT Cups of Ramen Soup 2 8 8 33 10 5 0 o 2 4 6 8 10 12 14 16 18 20 Meals at Dining Hall A Initial Budget Constraint Initial Optimum (A) New Budget Constraint New Optimum (B) ? 13
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 2QFR
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Transcribed Image Text:A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a cup of Ramen soup for $1.50 per meal. their weekly
food budget is $60.
Assume that they spend equal amounts on both goods.
On the following graph, use the green line (triangle symbol) to draw the college student's budget constraint. Then use the black point (plus symbol) to
indicate the initial optimum in this case.
50
45
ss Tips
40
s Tips
UT
Cups of Ramen Soup
2
8
8
33
10
5
0
o
2
4
6 8 10 12 14
16
18 20
Meals at Dining Hall
A
Initial Budget Constraint
Initial Optimum (A)
New Budget Constraint
New Optimum (B)
?
13
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