What is the opportunity cost of latoya swimming

Reference no: EM133340826

Question 1: Latoya Graham earns a monthly income of $15,500. However, she enjoys swimming and playing netball and she plan to spend $3,500 of her income on both. Information from the market states that to use the pool per day cost $500 and to use the netball court cost $250 per day.

Draw Latoya Graham's budget line. Putting netball on the X- axis.
What is the opportunity cost of Latoya swimming 3 ½ days per month if swimming increase to $1,000 per day and netball increase to $500 per day? Show the budget line and workings
Suppose she increase her spending to $5,000 per month, show Latoya new budget line given the initial costs.
Suppose the cost of playing netball falls to $200 per day, what is the impact of this on Latoya old budget line?
Suppose the cost of swimming rises to $700 per day, what is the impact of this on Latoya old budget line?

Question 2: Analyse by showing indifference curves on how Latoya Graham can maximize her satisfaction given a budget constraint of $1,500.

Reference no: EM133340826

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