Hiro's lottery ticket and candy bar budget is $18 a week.The price of a lottery ticket is $3 and the price of a candy bar is $6Quantity (ottery tickets per week)Choose the statement that is conrect.O A. Hiro cannct afford to buy 2 lottery tickets and 2 candy bars a weekOB. When Hiro buys 6 lottery tickets a week he cannot afford to buy a candy barOC. When Hiro spends all his budget on candy bars, he must buy fewer than 3 candy bars a weekOD. When Hiro buys 6 lottery tickets, he can afford to buy 2 candy bars.Draw Hiro's budget line and label it.>>> Plot the quantity of candy bars on the axisQuantity (candy bars per week)

Price of lottery = P1 Price of candy bar = P2 Income = M = $ 18 Budget constraints P1 X + P2 Y =…

Answered: When Hiro buys 6 lottery tickets a weok…

Business

Economics

When Hiro buys 6 lottery tickets a weok he cannot aford to buy a candy ba

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 19CTQ: Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers...

See similar textbooks

Related questions

Q: Which of the following statements is (are) correct? (x) One key difference between an oligopoly…

A: Oligopoly market:- Market is owned by a few of producers are known as oligopoly markets. It could…

Q: GDP per capita is one way to measure an economy's growth. China and India began to progress when…

A: Both china and India allowed private partnership at the same time

Q: The concept of flow of funds in an economy can also be used to understand the flow of funds in the…

A: When talking about flow of funds in N economy, it js the situation when the flow of goods and…

Q: The following graph shows the market for roses in 2007. Between 2007 and 2008, the equilibrium…

A: Market equilibrium refers to a situation at which the quantity demanded of a commodity is equal to…

Q: Determine the equilibrium price and the quantity of goods traded if the market function of cooking…

A: Demand curve depicts the indirect relationship between quantity demanded and price, keeping other…

Q: 25. What will happen to the price and quantity of footballs as a result of an increase in the price…

Q: 1) A company wants to purchase a machine that has the following probable cash flows. It is expected…

Q: Voluntary risks have to do with lifestyle choices. They are the risks that people take knowing that…

A: Voluntary risk is a hazard related risk with activities that is intentionally endured in exchange…

Q: 19. What sequence of events results from a decrease in aggregate demand? PI, inventories Į, firms…

A: A decrease in aggregate demand leads to a result of sequence which is explained in the next step.

Q: Based on the demand curve you showed in question 2 above, what is the minimum and maximum price you…

Q: To pay off $75000000 worth of new construction bonds when they come due in 25 years, a water…

A: Working quarterly: Number of quaters (n) =25*4=100Rate of Interest (r) =6.44=1.6%Future Value (FV) =…

Q: Penny Game Rules: The game begins with a group of 10 pennies. Two players take turns making moves.…

A: The Game of Nim is discussed as a game with the following rules : There are a number of piles in…

Q: No more than 100 words for the answer: Explain briefly how property law can serve society’s interest…

A: The law that governs the area of law that in turn governs various ownership forms in personal and…

Q: or many airlines in the short run, a major portion of the cost of production, such as aircraft and…

A: Fixed Cost: The fixed cost refers to the cost that is fixed and does not change irrespective of…

Q: No more than 100 words for the answer: Explain, in your own words, the implications of the Positive…

A: The allocation where the consumer who tends to value the good, in turn, receives it is being known…

Q: Which of the following are features of monopolistic competition? Choose all that apply. A. Products…

A: Monopolist competitive firm is the market structure in which there are large number of sellers…

Q: 1. A investment of x pesos with interest rate of 7% compounded annually will be retired at the end…

A: The amount of money that, if invested now, will grow in value over time at a particular rate of…

Q: 1. Suppose there are two firms who are Cournot duopolists (set quantity simultaneously) in the wine…

A: P= 300-0.2Q where Q = q1 +q2 P=300-0.2(q1+q2)

Q: A tariff-rate quota O a. displays either tariff-like or quota-like characteristics O b. tends to…

A: The tax that is being imposed by one country on the services and goods that are being imported from…

Q: The flow of funds into and out of the different sectors of the economy results to a particular…

A: When talking about flow of funds, it explains the movement of funds or goods and services from one…

Q: 1. Consider a monopolistically competitive firm. The following table presents the cost and revenue…

A: Monopolistic competition is a market system that incorporates the features of both monopolistic and…

Q: EXPLAIN THIS AND MAKE IT MORE READABLE PLEASE : how does the export human labor to ease local…

A: Human Labor export has been a technique for the government to deal with high unemployment rates for…

Q: Give 2 examples of perfect competition and 2 examples of monopoly in real business world. Give…

A: Monopoly refers to the market structure where there is only a single seller of the product which…

Q: 1. Hospital is evaluating the purchase of new office equipment from three vendors. Assume MARR=15%…

A: Answer :-

Q: In an efficient market, investors can consistently make high returns since it is easier to estimate…

A: When talking about an efficient market, it is the place where all the participants have equal and…

Q: A manager hires labour and rents capital equipment in a very competitive market. Currently the wage…

A: The answer is as follows:-

Q: (a) Suppose that f is differentiable, positive and decreasing on [a, b] and has no critical points.…

A: Given, f is differntiable, positive and decreasing on [a, b] and has no critical pointsIf g(x)=∫αx…

Q: Erwin is 27 years old and he saw a bank offering a time deposit plan with 6% interest. He does not…

Q: What are various transport investment projects currently underway in South Africa.

A: The various transport investment projects currently underway in South Africa are the followings:…

Q: How new is globalization? What has led to increased globalization?

A: Globalization is the process of bringing people from all around the world together. It's the process…

Q: An electronics plant’s production function is Q = 5LK, where Q is its output rate, L is the amount…

Q: According to Keynes’ Law... Group of answer choices The total demand tends to rise above the total…

A: Keynesian economics is highly significant to explain the nature of a market using a specfiic…

Q: 5. The demand and supply curves for a firm's product are estimated to be: 20d 3- P Q, = 1+ 0.5P…

A: Answer;

Q: 17. Celine is interested in measuring the standards of living of two different countries Egypt and…

A: It refers to the all final value of goods and services produced in an economy or nation in a given…

Q: Firms 1 and 2 compete in a Cournot duopoly. If firm 2 adopts a strategy that raises firm 1's…

A: In a market, the reaction function refers to the economic representation of the reaction of a player…

Q: Which of the following will not change the equilibrium quantity and price for fast-food hamburgers?…

A: The equilibrium price and quantity exist at the level where the demand and supply are the same.

Q: Which of the following was NOT something that is needed in order to be able to price discriminate?…

A: Price discrimination refers to the policy of a firm to charge different prices for the same product…

Q: Which product has the highest demand elasticity? Question 9 options: Housing Mountain Dew…

A: Elasticity is used for measuring the response of one economic variable to another.

Q: Assume your apartment complex decides to build new open access common area for its residents. Each…

Q: A tax on umbrellas will most likely Select one: a. fall mostly on the umbrella buyers rather…

A: Taxes are the mandatory payment obligations which are required to be fulfilled by firms or consumers…

Q: Which of the following statements is (are) correct? An oligopoly is a market in which (x)…

A: Oligopoly is a special type of a market that cannot be explained using a single model due to which…

Q: For an IS/LM model of an economy with the following equations: C = 200 + 0.8Yd |= 220 – 25i - C =…

A: The IS-LM Model is defined as a model where IS stands for Investment-Savings and LM stands for…

Q: Given that C = 1000 + 0.8 Y and = $200 %3D Use the injection and leakage approach to find out the…

A: Answer: Given, Consumption function:C=1000+0.8YInvestment=$200 (a). At equilibrium, Saving (leakage)…

Q: (b) What is the break-even sales in RM for an operation that sells 615 products at RM 17.50 if each…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Refer to the dlagram given below. Consumption Income The diagram given above shows consumptlon…

A: Marginal Propensity to Consume is the slope of consumption function which shows the change in…

Q: How are the unendorsed HO-3 and the HO-5 similar? А. Both are designed to cover condominiums. В.…

A: HO-3 policy:- In the instance of actual harm, a homeowners insurance (HO-3) policy protects the…

Q: What are the fundamental issues in the economic approach to environmental issues?

A: Environmental economics refers to a sub-field or branch of economics concerned with environmental…

Q: Monopolistic Competition has a little of monopoly and a little of competition, hence its name. Do…

A: Monopolistic competition is imperfect competition market.

Q: Leonard, a company that manufactures explosion-proof motors, is considering two alternatives for…

A: Present worth" it is the concept that states an amount of money today is worth more than that same…

Q: Identify the statement as True, False, or Uncertain, and explain in detail: The central bank of…

A: The central bank being the apex bank of a common currency area can or cannot respond to a shock…

Concept explainers

Price Ceilings and Price Floors

Price Ceilings and Price Floors strategy is used by the Government to control the prices of certain goods and services in the market. This method helps the Government to protect the interests of both buyers and suppliers in difficult economic times.

Question

100%

Hiro's lottery ticket and candy bar budget is $18 a week.
The price of a lottery ticket is $3 and the price of a candy bar is $6
Quantity (ottery tickets per week)
Choose the statement that is conrect.
O A. Hiro cannct afford to buy 2 lottery tickets and 2 candy bars a week
OB. When Hiro buys 6 lottery tickets a week he cannot afford to buy a candy bar
OC. When Hiro spends all his budget on candy bars, he must buy fewer than 3 candy bars a week
OD. When Hiro buys 6 lottery tickets, he can afford to buy 2 candy bars.
Draw Hiro's budget line and label it.
>>> Plot the quantity of candy bars on the axis
Quantity (candy bars per week)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.
Draw Maries budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of me budget constraint?
Hiro's latte and paperback book budget is $20 a week. The price of a latte is $2 and the price of a paperback book is $5. Choose the statement that is correct. O A. When Hiro spends all his budget on paperback books, he must buy fewer than 4 paperback books a week. O B. When Hiro buys 10 lattes a week he cannot afford to buy a paperback book. O C. Hiro cannot afford to buy 5 lattes and 2 paperback books a week. O D. When Hiro buys 10 lattes, he can afford to buy 2 paperback books. Draw Hiro's budget line and label it. >>> Plot the quantity of paperback books on the x-axis. 11- 10- 9- 8- 7- 6- 5- 4- 3+ 2- 1- 0- Quantity (lattes per week) 0 2 3 4 5 6 7 8 9 10 11 Quantity (paperback books per week) >>> Draw only the objects specified in the question. 1
Sorupiart Bill's budget constraint is BD. Bill's income is $800, the price of a bell pepper is $1, and the price of a bag of black beans is $1. At point B Bill is buying bell peppers and bags of black beans. Bill's monthly budget constraint C A D F Number of black beans per month NA. 600; 200 NO B. 400: 400 e C.0; 800 Number of bell peppers per month
. Please help me in e). you forgot yesterday Define a budget line d.Given that Tebogo's income is P1800 price of food is P30 and price of entertainment is P40, Draw tebogos budget line. e.Using a diagram, show what woul happen to Tebogo budget line if the price of food decreases to 20 while the price of entertainment remain unchanged. f.Using a diagram, show what would happen to Tebogo's budget line if income increases from P1800 to P2100 while prices remain P30 for food and P40 for entertainment.
Randy lives on Cheetos and chocolates. The price of Cheetos is 3 dollar per bag and the price of chocolates is 6 dollars each. Randy allows himself to spend no more than 33 dollars a day on food. He also restricts his consump- tion to 6,500 calories per day. There are 1,500 calories in a bag of Cheetos and 500 calories in a chocolate.. If he spends his entire money budget each day and consumes no more calories than his calorie limit, up to how many bags of Cheetos can Randy consume per day?
Andre has a salary of 1000. He spends his entire salary on shoes and beer. The cost far a pair of shoes is $15 and the cost for a can beer is $25. What is Andre's budget constraint?
c.Define a budget line d.Given that Tebogo's income is P1800 price of food is P30 and price of entertainment is P40, Draw tebogos budget line. e.Using a diagram, show waht would happen to Tebogo,s budget line if income increases from P1800 to P2100 while prices remain P330 for food and P40 for entrtainment. f.Using a diagram, show what would happen to Tebogo's budget line if income increases from P1800 to P2100 while prices remain P30 for food and P40 for entertainment.
Question 25 The individual's budget constraint is a. the amount of money she has in the bank c. the maximum amount one good she can consume given her consumption of other goods O d. a line depicting all the possible budgets an individual could have at various occupations
Table A – Faris Daily Consumption Dozens of Oysters Total Utility Marginal Utility per Day 1 60 104 3 134 4 152 5 160 Number of Total Utility Marginal Utility Root Beers per Day 1 40 70 3 94 4 114 5 128 Refer to Table A shows Faris's consumption on the oysters and root beers per day for a total five days; i. Compute Faris's marginal utility of for consumption of dozens of oyster and number of root beers per day ii. At what units per day Faris's Diminishing Marginal Utility sets in for consumption of dozens of oyster and number root beers per day. iii. Please briefly explain why Faris will experience the Diminishing Marginal Utility as he consumes more unit of oysters and root beers.
What price ÅSsuming do you line and budget that understand by line? Consumer has income of $180, which monthly he Spends Good' X on two commodities and Grood Y. The price l07 Good $13 and price of the is $24. What would ' be Combinations of Crood X is Various Good Y this combinations line regard? and in and write draw various budget according ly?
1. Suppose that the price of oranges is $1 per unit and the price of pencils is $70 per unit. Inaddition, suppose that your income is $1900. If you spend all your money an oranges, how many oranges can you buy?