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econ

 econ Composition

ECN101 Homework 3 Figure 3-1 The following picture shows two budget lines: A and B.

1 ) Which with the following can explain the change in the budget line coming from A to B? a. a decrease in the price of Back button

b. an increase in the price of Sumado a

c. a decrease in the price tag on Y

deb. More than one of the above can explain this kind of change.

Scenario 3-1

Assume the price of hot wings is $10, the price tag on beer is definitely $1, plus the consumer's profits is 50 dollars. In addition , presume the consumer's budget constraint illustrates warm wings within the horizontal axis and beverage on the up and down axis. 2 . Refer to Circumstance 3-1. If the price of beer increases to $2, then the a. budget limitation intersects the vertical axis at 25 beers. n. slope from the budget restriction rises to -2.

c. slope in the budget restriction falls to -4.

m. budget limitation shifts inward in a parallel fashion.

3. Consider Table 3-1 below. You have an extra window of the Midwest Regional Sweet 16 video game in the mens NCAA hockey tournament. The table shows the motivation to shell out of the four potential buyers wanting to buy a window of the game. You own an public auction to sell the ticket. Jordan bids $410 for the ticket, and you simply sell him the ticketed. What is his consumer excessive? a. $410

b. $90

c. $10,50

d. $0

Buyer Motivation to Pay

Michael 500 usd

Earvin $400

Larry $350

Charles 300 dollar

Figure 3-2 The up and down distance among points A and B represents a tax in the market.

4. Make reference to Figure 3-2. The amount of deadweight loss due to the tax is a. $105.

b. $210.

c. $490.

d. $600.

Figure 3-3

5. Label Figure 3-3. Which location represents client surplus by a price of P2? a. ABD

m. ACG

c. BCDF

deb. DFG

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