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Chapter 2: 24 (page 44)

Use this information to answer the following 4 questions: Marie has a weekly budget of \(24, which she likes to spend on magazines and pies. If the price of a magazine is \)4 each, what is the maximum number of magazines she could buy in a week?

Short Answer

Expert verified

The maximum number of magazines she could buy in a week is6.

Step by step solution

01

Given information

Marie has a weekly budget of $24 which she can spend on magazines and pies.

Thus, her budget constraint will be:

B=PMM + PPP

where,

B is the budget

PM is the price of a magazine

M is the units of magazine

PP is the price of pie

P is the units of pie

02

Explanation

Marie has a weekly budget of $24and the price of each magazine is $4

The maximum number of magazines she could buy in a week=$24$4=6

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Most popular questions from this chapter

During the Second World War, Germany鈥檚 factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany鈥檚 production possibilities curve?

Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?

Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for example, but do they have special expertise to judge whether or not the policy should be undertaken?

What does a production possibilities frontier

illustrate?

Explain why individuals make choices that are directly on the budget constraint, rather than inside the budget constraint or outside it.
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