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29 April, 15:21

Joe's income is $500, the price of food (F, y-axis) is $2 per unit, and the price of shelter (S, x-axis) is $100. Which of the following represents his budget constraint?

A. 500 = 2F + 100S

B. F = 250 - 50S

C. S = 5 -.02F

D. All of the above.

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Answers (1)
  1. 29 April, 15:55
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    D. All of the above.

    Explanation:

    We can model his budget constraint by the following first order function.

    2F + 100S = 500

    In which F is the number of food items that he buys and S is the number of shelters that he pays.

    So A. is correct.

    If we want to write this equation with F as a function of S, it is also possible:

    2F + 100S = 500

    2F = 500 - 100S

    F = 250 - 50s

    So B. is also correct

    Writing with S as function of F

    2F + 100S = 500

    100S = 500 - 2F

    S = 5 - 0.02F

    So C. is also correct

    The correct answer is:

    D. All of the above.
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Home » Business » Joe's income is $500, the price of food (F, y-axis) is $2 per unit, and the price of shelter (S, x-axis) is $100. Which of the following represents his budget constraint? A. 500 = 2F + 100S B. F = 250 - 50S C. S = 5 -.02F D. All of the above.
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