Economics Managerial Problem set

1) Chapter 4, problem #1

2) Chapter 4, problem #10

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3) Chapter 4, problem #14

4) Chapter 4, problem #24

5) Barney has \$1,000 per week that he can spend on Tim Gunn custom suits (S) or beer at McClaren’s pub (B). Each suit costs Barney \$250, and each beer is \$10.

a. Write an equation for Barney’s budget constraint and draw it on a graph that has suits on the horizontal axis. Be sure to show both intercepts and the slope of the budget constraint.

b. Assuming he spends the entire \$1000, how many beers does Barney purchase if he chooses to purchase 1 suit a week? c. Suppose that McClaren’s runs a special and the price of a beer drops from \$10 to \$5. Draw Barney’s new budget constraint (indicating intercepts and slope). What is the equation for Barney’s new budget constraint?

d. Draw a fresh graph with the original budget constraint. Now suppose that GNB doubles Barney’s salary. On this new graph, draw Barney’s new budget constraint (indicating intercepts and slopes). What is the equation for this new budget constraint?

e. Again, draw a fresh graph with the original budget constraint. Suppose now that Tim Gunn gets a big promotion from Bravo and raises the cost of suits to \$500. On this new graph, draw Barney’s new budget constraint (indicating intercepts and slopes). What is the equation for this new budget constraint?

Not; see the questions in the Attachment I post it is same