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Relative price of smoothies in terms of popcorn

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Reference no: EM131489410

Question #1

Use the following data to work Question #1's Problems a and 1b.

Sara's income is $12 a week. The price of popcorn is $3 a bag, and the price of a smoothie is $3.

a. Calculate Sara's real income in terms of smoothies. Calculate her real income in terms of popcorn. What is the relative price of smoothies in terms of popcorn? What is the opportunity cost of a smoothie?

b.  Calculate the equation for Sara's budget line (with bags of popcorn on the left side). Draw a graph of Sara's budget line with the quantity of smoothies on the x-axis. What is the slope of Sara's budget line? What determines its value?

Reference no: EM131489410

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