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The Amazing Andy spends all of his \$1,200 income on magic tricks. If card tricks cost \$50 and wand tricks cost \$300, which of the following consumption bundles lies upon Amazing Andy's budget constraint?
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18. Consumer Choice and Behavioral Economics
Budget Constraint
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Lil Kiddo just got \$10 for his allowance. He has big dreams for that money and plans to buy out the toy store, slapping down the tenner at the cash register. Disillusioned, he decides to buy pogs for \$0.50 each and action figures for \$2 each. Which consumption bundle is unaffordable to Lil Kiddo?
A
0 pogs and 0 action figures
B
8 pogs and 3 action figures
C
5 pogs and 4 action figures
D
10 pogs and 2 action figures
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Identify the total budget Lil Kiddo has, which is \$10.
Determine the price of each item: pogs cost \$0.50 each and action figures cost \$2 each.
Calculate the total cost of each consumption bundle by multiplying the quantity of each item by its price and summing the results.
For the bundle of 5 pogs and 4 action figures, calculate the cost: (5 pogs * \$0.50) + (4 action figures * \$2).
Compare the total cost of each bundle to Lil Kiddo's budget of \$10 to determine which bundle exceeds the budget and is therefore unaffordable.
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