Use the following graph of the demand for steak to answer the question below.
Refer to the above diagram and assume that steak is a normal good. Which of the following would shift the demand for steak from D1 to D3?
A. a decrease in consumer incomes
B. a decrease in the price of steak
C. an increase in consumer incomes
D. an increase in the price of steak
Answer: A
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A ticket to see the Radio City Rockettes costs $90. You buy a ticket for $30 to see the New York Jets play football. The money price for
A) the Rockettes ticket is $90 and the relative price is 3 Jets tickets per Rockette ticket. B) the Rockettes ticket is 3 Jets tickets per Rockette ticket and the relative price is $90. C) a Jets ticket is $30 and the relative price is 3 Rockettes tickets per Jets ticket. D) a Jets ticket is $30 and $3 for a Rockettes ticket.
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. Which bundle will Max choose?
A) a B) b C) c D) d