Assignment 1 Question-Chapters: 1, 2, 3 & 4: –
Jamal’s weekly budget is $48, which he spends on magazines and pies.
A)If the price of a magazine is $8 each, what is the maximum number of magazines he could buy in a week?
B)If the price of a pie is $24, what is the maximum number of pies he could buy weekly?
C)Draw Jamal’s budget constraint with pies on the horizontal axis and magazines on the vertical axis
. Draw the slope of the budget constraint?
D)What is Jamal’s opportunity cost of purchasing a pie?