Business, 21.02.2020 21:26 natalie2sheffield

George has a weekly income (I) of $50, which he uses to purchase doughnuts (D) and coffee (C). If the price of a doughnut is $1 and the price of coffee is $2.50, which of the following consumption bundles lies BEYOND George's budget constraint?
a. 10C and 25D
b. 15C and 15D
c. 5C and 10D
d. 5C and 5D

Answers: 2

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Answer from: lowwlifelivv

b. 15 C and 15 D

Explanation:

Given:

George has a weekly income (I) = $50,

Price of a doughnut = $1

Price of coffee = $2.50

Question asked:

Which of the following consumption bundles lies BEYOND George's budget constraint?

Solution:

By multiplying number of pieces of each item to its respective prices,we get

a. 10C and 25D = 10 $\times$ 2.5 + 25 $\times$ 1 (unitary method)

= 25 + 25 = 50

b. 15C and 15D = 15 $\times$ 2.5 + 15 $\times$ 1

= 37.5 + 15 = 52.5

c. 5C and 10D = 5 $\times$ 2.5 + 10 $\times$ 1

= 12.5 + 10 = 22.5

d. 5C and 5D = 5 $\times$ 2.5 + 5 $\times$ 1

= 12.5 + 5 = 17.5

Hence, option (b) 15 pieces of Coffee and 15 pieces of Doughnut lies beyond George's budget constraint.

Answer from: Quest

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Answer from: Quest

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George has a weekly income (I) of $50, which he uses to purchase doughnuts (D) and coffee (C). If th...

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