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18. Jake and Gonzalo are roommates and have saved a total of $360 to spend on summer entertainment. They have decided to
Posted: Sat Feb 19, 2022 2:42 pm
by answerhappygod
- 18 Jake And Gonzalo Are Roommates And Have Saved A Total Of 360 To Spend On Summer Entertainment They Have Decided To 1 (67 KiB) Viewed 79 times
18. Jake and Gonzalo are roommates and have saved a total of $360 to spend on summer entertainment. They have decided to use this money on tickets to baseball games and on tickets to their local amusement park. Their original budget constraint is shown in the graph below. Let X represent amusement park tickets and Y represent baseball tickets. a. What is the equation of the original budget constraint? b. What is the price of an amusement park ticket? a baseball ticket? c. Assume a price change occurs and Jake and Gonzalo now face the new budget constraint. What is the equation of the new budget constraint? d. With the new budget constraint, what is the price of an amusement park ticket? a baseball ticket? Baseball tickets (9) 20 New budget constraint 15 10 Original budget constraint 5 0 4 8 12 16 20 Amusement park tickets (X)