Question 5 (1 point) The slope of the budget constraint line is Question 5 optio

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Question 5 (1 point)

The slope of the budget constraint line is

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Question 6 (1 point)

If the price of x falls, the budget constraint

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Question 7 (1 point)

Suppose that an individual has a constant MRS of shoes for sneakers of : (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes). Then, if sneakers and shoes are equally costly, he or she will

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Question 8 (1 point)

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Question 9 (1 point)

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Question 10 (1 point)

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Question 11 (1 point)

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Question 12 (1 point)

Question 12 options:

1) the ratio of the prices (px/py). 2) the negative of the ratio of the prices (px/py). 3) the ratio of income divided by price of y (I/py). 4) none of the above.

Explanation / Answer

5. the ratio of the prices (px/py).

6. rotates outward about the xintercept.

7. buy only sneakers

8. (50, 12.5).

9. (25, 0).

11. 10.

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