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An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate the price-consumption line associated with changes in the price of wine. 100- Вook 90- VN Wine Price Price Wine Вooks Budget 80- 50 50 $15 40 20 $12 $1,200 $30 $12 $1,200 70- $60 $12 10 50 $1,200 60- 1.) Using the line drawing tool, draw a budget line when the price of wine is $15 per bottle. Label this line L,. 40- 2.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'A' 30- Carefully follow the instructions above, and only draw the required objects. H Ug 20- 3.) Using the line drawing tool, draw a budget line when the price of wine is $30 per bottle. Label this line L2. 10- :10 ¥40 0- 4.) Using the point drawing tool, then add the corresponding satisfaction-maximizing bundle. Label this point 'B'. 10 20 30 40 50 60 70 80 90 100 Wine Carefully follow the instructions above, and only draw the required objects. H 5.) Using the line drawing tool, draw a budget line when the price of wine is $60 per bottle. Label this line L3. 6.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'C' Carefully follow the instructions above, and only draw the required objects. P 7.) Using either the line drawing tool or the three-point curved drawing tool, plot the price-consumption curve. Label this curve 'Price-Consumption Curve'. Carefully follow the instructions above, and only draw the required object. Books

An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate the price-consumption line associated with changes in the price of wine. 100- Вook 90- VN Wine Price Price Wine Вooks Budget 80- 50 50 $15 40 20 $12 $1,200 $30 $12 $1,200 70- $60 $12 10 50 $1,200 60- 1.) Using the line drawing tool, draw a budget line when the price of wine is $15 per bottle. Label this line L,. 40- 2.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'A' 30- Carefully follow the instructions above, and only draw the required objects. H Ug 20- 3.) Using the line drawing tool, draw a budget line when the price of wine is $30 per bottle. Label this line L2. 10- :10 ¥40 0- 4.) Using the point drawing tool, then add the corresponding satisfaction-maximizing bundle. Label this point 'B'. 10 20 30 40 50 60 70 80 90 100 Wine Carefully follow the instructions above, and only draw the required objects. H 5.) Using the line drawing tool, draw a budget line when the price of wine is $60 per bottle. Label this line L3. 6.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'C' Carefully follow the instructions above, and only draw the required objects. P 7.) Using either the line drawing tool or the three-point curved drawing tool, plot the price-consumption curve. Label this curve 'Price-Consumption Curve'. Carefully follow the instructions above, and only draw the required object. Books

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 10PA
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An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate the price-consumption line associated with changes in the price of wine. 100- 90HA Wine Вook Price Price Wine Вooks Budget 80- $15 $12 40 $1,200 $1,200 $1,200 50 70- $30 $60 $12 $12 20 50 10 50 60- 1.) Using the line drawing tool, draw a budget line when the price of wine is $15 per bottle. Label this line L,. 50 150 40- 2.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'A'. 30- Carefully follow the instructions above, and only draw the required objects. 20- 10- 3.) Using the line drawing tool, draw a budget line when the price of wine is $30 per bottle. Label this line L2. uf 10 20 0- 4.) Using the point drawing tool, then add the corresponding satisfaction-maximizing bundle. Label this point 'B'. 10 20 30 40 50 60 70 80 90 100 Wine Carefully follow the instructions above, and only draw the required objects. 5.) Using the line drawing tool, draw a budget line when the price of wine is $60 per bottle. Label this line L3. 6.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'C'. Carefully follow the instructions above, and only draw the required objects. 7.) Using either the line drawing tool or the three-point curved drawing tool, plot the price-consumption curve. Label this curve 'Price-Consumption Curve'. Carefully follow the instructions above, and only draw the required object. Books of
Transcribed Image Text:An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate the price-consumption line associated with changes in the price of wine. 100- 90HA Wine Вook Price Price Wine Вooks Budget 80- $15 $12 40 $1,200 $1,200 $1,200 50 70- $30 $60 $12 $12 20 50 10 50 60- 1.) Using the line drawing tool, draw a budget line when the price of wine is $15 per bottle. Label this line L,. 50 150 40- 2.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'A'. 30- Carefully follow the instructions above, and only draw the required objects. 20- 10- 3.) Using the line drawing tool, draw a budget line when the price of wine is $30 per bottle. Label this line L2. uf 10 20 0- 4.) Using the point drawing tool, then add the corresponding satisfaction-maximizing bundle. Label this point 'B'. 10 20 30 40 50 60 70 80 90 100 Wine Carefully follow the instructions above, and only draw the required objects. 5.) Using the line drawing tool, draw a budget line when the price of wine is $60 per bottle. Label this line L3. 6.) Using the point drawing tool, add the corresponding satisfaction-maximizing bundle. Label this point 'C'. Carefully follow the instructions above, and only draw the required objects. 7.) Using either the line drawing tool or the three-point curved drawing tool, plot the price-consumption curve. Label this curve 'Price-Consumption Curve'. Carefully follow the instructions above, and only draw the required object. Books of
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