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micro exam 4 with answers - Thomas McIntyre Micro Exam 4...

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Thomas McIntyre Micro Exam 4 - Due to me by Tuesday November 20 th at 1PM. Type your answers and draw the pictures neatly. You may use your book to help you. You may not use ANYONE else other than me! Make sure your name is on each page that you email me. Failure to do this will result in a 5 point penalty on the exam. Short Answer 1. Answer the following questions based on the table. A consumer is able to consume the following bundles of rice and beans when the price of rice is $2 and the price of beans is $3. (20 points) RICE BEANS 12 0 6 4 0 8 a. How much is this consumer's income? Consumer income =$24.00 b. Draw a budget constraint given this information. Label it B. c. Construct a new budget constraint showing the change if the price of rice falls $1. Label this C. d. Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if this consumer's income increased to $48. Label this D. 2. Using the graph shown, answer the following questions. (20 points) a.
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