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Before the virus, Henry is employed as a waiter, he is on the blue budget line and chooses to work full time. While working full time, he is at point [ Select] on the [Select] v budget line. When the virus hits the United States, the government orders all restaurants to close and Henry is laid off. Because all restaurants are closed he is unable to find a job. After being laid off his budget line shifts [Select] and he moves from ICı to an indifference curve [Select] InomeConumtion Market (Good A) Price Henry S1000 Sa00 sa00 Leisure

Before the virus, Henry is employed as a waiter, he is on the blue budget line and chooses to work full time. While working full time, he is at point [ Select] on the [Select] v budget line. When the virus hits the United States, the government orders all restaurants to close and Henry is laid off. Because all restaurants are closed he is unable to find a job. After being laid off his budget line shifts [Select] and he moves from ICı to an indifference curve [Select] InomeConumtion Market (Good A) Price Henry S1000 Sa00 sa00 Leisure

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Awnser Key 

1)A,B,C

2)PURPLE,RED,GREEN

3) FROM BLUE TO RED, BLUE TO PURPLE, COLLAPSES TO JUST POINT C, COLLAPSES TO JUST POINT B, COLLAPSES TO JUST POINT A

4) CLOSER TO THE ORIGIN, FARTHER OUT FROM THE ORIGIN, THE SAME DISTANCE FROM THE ORIGIN

Before the virus, Henry is employed as a waiter, he is on the blue budget line and chooses to work full time. While working full time, he is at point [ Select] on the [ Select] budget line. When the virus hits the United States, the government orders all restaurants to close and Henry is laid off. Because all restaurants are closed he is unable to find a job. After being laid off his budget line shifts (Select] and he moves from IC; to an indifference curve [ Select] Market (Good A) Income/Consumption Price Henry ... $1000 S800 IC, S200 (B) D, Q Leisure
Transcribed Image Text:Before the virus, Henry is employed as a waiter, he is on the blue budget line and chooses to work full time. While working full time, he is at point [ Select] on the [ Select] budget line. When the virus hits the United States, the government orders all restaurants to close and Henry is laid off. Because all restaurants are closed he is unable to find a job. After being laid off his budget line shifts (Select] and he moves from IC; to an indifference curve [ Select] Market (Good A) Income/Consumption Price Henry ... $1000 S800 IC, S200 (B) D, Q Leisure
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