Help Tony evaluate his applicants based on their mean and median credit scores.

An increase in a consumer's income Group of answer choices increases the slope of the consumer's budget line. has no effect on t

kramer

An increase in a consumer's income will increase the slope of the consumer's budget line.

<h3>What is a budget line?</h3>

The budget line sometimes referred to as the budget restriction, displays every combination of two commodities that a client is able to afford at the current market pricing and within their specific income range.
The budget line is a graphical representation of every combination of the two commodities that may be purchased using the given income and cost, with the price of each combination being equal to the customer's monetary earnings.
It's critical to remember that the slope of the budget line corresponds to the cost-to-volume ratio of two commodities.
The slope of the budgetary restriction is very significant.

<h3>Increase in the slope of the budget line:</h3>

A rise in income allows consumers to purchase more of both goods, which causes the budget line to shift outward, or to the right (slope increases).

Therefore, an increase in a consumer's income will increase the slope of the consumer's budget line.

Know more about the slope of the budget line here:

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6 0

1 year ago

Suppose the market for hamburgers is unregulated. that is, hamburger prices are free to adjust based on the forces of supply and

vredina [299]

Answer: Lower

Explanation: A shortage occurs when there are less available in the market. When the current price is less than the equilibrium price, the demand for the good is greater than the supply for the good. When demand is more than supply, the buyers are unable to get the goods they want. Thus, there is a shortage in the market.

Thus, if a shortage exists in the hamburger market, then the current price must be <em>lower </em>than the equilibrium price.

3 0

3 years ago

Horses cost $10, pigs cost $3, and rabbits are only $0.50. A farmer buys 100 animals for $100, How many of each animal did he bu

VMariaS [17]

Answer:

The correct answer to the following question is that there are 5 horses, 1 pig and 94 rabbits.

Explanation:

Given information -

Horses cost = $10

Pigs = $3

Rabbits = $.50

There are total of 100 animals, which are bought for $100 in total.

So by using simple equations we can solve this problem,

where let number of horses be x

number of pigs be y

number of rabbits be z

so the first equation that we can make by using given information is -

x + y + z = 100 (total of 100 animals bought ) _ _ equation 1

10 x + 3 y + .5 z = $100 _ _ equation 2

Now multiplying equation 2 by 2 and then subtract that from equation 1

(10 x + 3 y + .5 z = $100) x 2

= 20 x + 6 y + z = $200 _ _ equation 3

Now subtracting equation 3 from 1 -

20 x + 6 y + z = $200

-

x + y + z = 100

19 x + 5 y = 100

Here 19 x and 5 y have to be a multiple of 5 ( where x and y are integers ), therefore the only possible value of x here can be 5 and if the value of x =5 , then the value of y will be equal to 1,

19 x 5 + 5 x 1 = 100

Now putting the value of x and y in equation 2,

10 x 5 + 3 x 1 + .5 x z = $100

50 + 3 + .5 z = 100

.5 z = 47 ( 100 - 53 )

z = 47 / .5

z = 94

4 0

3 years ago

Economic cost can best be defined as Multiple Choice any contractual obligation that results in a flow of money expenditures fro

Novay_Z [31]

Answer:

The income the firm must provide to resource suppliers to attract resources from alternative uses.

Explanation:

Economic cost refers to the cost that is attached with the goods and it is attach by one of the individual. It takes into account various factors such as time, money and other costs.

Economic cost is differ from the accounting cost because accounting cost only includes explicit costs but economic cost includes both explicit costs and implicit costs (opportunity costs).

7 0

3 years ago

Your classmates are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The r

MaRussiya [10]

Answer:

You should use the discount coupon to pay for the Miami trip. Not considering the personal motivations for the trip, the coupon is worth $500. The cost of flying is $600, so you will only pay $100 yourself. You will be spending $900 + $1000 = $1,000 in total.

The opportunity cost of using the coupon is $350 (the cost of the round trip to Atlanta). Even if you add the $350 to the $1,000 expense, the total is $1,350, less than your $1,400 maximum budget.

3 0

3 years ago