Melissa has an income of $240 a month to spend on tennis lessons and concert tickets. The price of a tennis lesson is $20, and the price of a concert ticket is $40
If the quantity of tennis lessons is QT, and the quantity of concert tickets is QC, Melissa's budget line equation is A) QC = 6 - 0.5QT.
B) QC = 12 - 2QT.
C) QC = 240 - 40QT.
D) QC = 20 + 40QT.
A
You might also like to view...
Use the figure below to answer the following question.If the output level is Q1, then deadweight loss is indicated by the area
A. bce. B. 0abe. C. 0eQ1. D. ecf.
If the minimum wage is set above the market wage,
A) highly-skilled workers will have a harder time finding jobs. B) the quantity of labor supplied will be below the quantity of labor demanded. C) unemployment will rise. D) All of the above are correct.
The manager of Happy Chickens, an organic egg producer, should avoid all of the following topics except which one when speaking to managers of Best Eggs, a competitor firm?
A) forthcoming changes in Happy Eggs', a competitor firm's, pricing B) the planned production amounts of Happy Eggs, a competitor firm C) a new report linking egg consumption with increased heart health in adults D) Happy Chickens' planned production amounts
Competitive firms have
a. downward-sloping demand curves, and they can sell as much output as they desire at the market price. b. downward-sloping demand curves, and they can sell only a limited quantity of output at each price. c. horizontal demand curves, and they can sell as much output as they desire at the market price. d. horizontal demand curves, and they can sell only a limited quantity of output at each price.