Problems

Use this information to answer the following 4 questions: Jade has a weekly budget of $24, which she likes to

spend on magazines and pies.

24. If the price of a magazine is $4 each, what is the maximum number of magazines she could buy in a week?

25. If the price of a pie is $12, what is the maximum number of pies she could buy in a week?

26. Draw Jade's budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is

the slope of the budget constraint?

27. What is Jade's opportunity cost of purchasing a pie?
46 2 • Problems

Access for free at openstax.org
Demand and Supply

3

FIGURE 3.1 Farmer’s Market Organic vegetables and fruits that are grown and sold within a specific geographical

region should, in theory, cost less than conventional produce because the transportation costs are less. That is not,

however, usually the case. (Credit: modification of "Old Farmers' Market" by NatalieMaynor/Flickr, CC BY 2.0)

CHAPTER OBJECTIVES
{"file_size_mb": 26.99, "file_name": "Microeconomics3e.pdf", "batch_upload": true, "creationdate": "2022-12-07T14:15:44-06:00", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "moddate": "2022-12-07T14:23:05-06:00", "total_pages": 597, "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "producer": "Prince 14.2 (www.princexml.com)", "title": "Principles of Microeconomics 3e", "uploaded_via": "batch_uploader", "file_type": ".pdf", "creator": "PDFMiner", "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "upload_timestamp": "2026-02-07T15:37:44.339247"}