HW01-2006 - Economics 11, Winter 2006 Homework Assignment...

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Economics 11, Winter 2006 Homework Assignment #1 Due Thursday January 19, 3PM at TA office 1. The daily edition of the Los Angeles Times costs $0.25; the daily edition of the New York Times costs $0.75. (a) I have $50 to spend on newspapers this year . Sketch my budget set. (b) The New York Times offers a discount price: $0.50/issue if I buy at least 20 issues. On the same sketch, show my new budget set. (c) The daily edition of the Wall St. Journal costs $1.00. On a sep- arate sketch, show my budget set for the 3 newspapers (at the regular, undiscounted price). 2. Frodo has $2,400 to spend on Ice Cream for Bilbo’s 111th birthday party. At the supermarket in Bag’s End, HagenDaz Ice Cream costs $10/gallon, Ben & Jerry’s Ice Cream costs $12/gallon. At the super- $15/gallon. Frodo only has time to shop at one store. On one sketch show: (a) Bilbo’s budget set in Bag End (b) Bilbo’s budget set in Bree (c) the bundles that are cheaper in Bag End
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This note was uploaded on 04/01/2010 for the course ECON Econ 11 taught by Professor Mcdevitt during the Fall '07 term at UCLA.

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HW01-2006 - Economics 11, Winter 2006 Homework Assignment...

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