Homework: ASSESS Chapter 10 Homework core: 0 of 2 pts oncept: Budget Constraint

Question

Homework: ASSESS Chapter 10 Homework core: 0 of 2 pts oncept: Budget Constraint Peter has $24.00 with which to spend on chips and salsa for a party that he is hosting. The 16 of 17 (15 complete) price of a bag of chips is $4.00 and the price of a jar of salsa is $8.00. Use the line drawing tool to graph Peter's budget constraint. Carefully follow the instructions above, and only draw the required objects 16 12 10 0 2 468 10 12 Click the graph, choose a tool in the palette and follow the instructions to create your graph 2 parts remaining Clear All Type here to search

Explanation / Answer

You have to draw a straight line with the budget constraints:

At x-axis, no. of bags of chips are provided and at y-axis, no. of jars of salsa are provided.

Total amount = $24

Cost of one bag of chips = $4

Total bags of chips that can be bought with full amount = 24/4 = 6

Cost of one jar of salsa = $8

Total jars of salsa that can be bought with full amount = 24/8 = 3

So, the points on graph (x,y) will be :

1. All 6 units of bags of chips with no salsa jars = (6,0)

2. All 3 units of salsa jars and no bags of chips = (0,3)

3. 2 bags of chips and 2 salsa jars = (2,2)

4. 4 bags of chips and 1 salsa jar = (4,1)

Please make a line which intersects all 4 points. It will be a downward sloping straight line starting from point 3 at y-axis and ending at point 6 on x-axis.

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