Asked by Johnny Tsunami on Jul 04, 2024
Verified
Ralph has budgeted $175 for entertainment.He uses this money to go out on dates for $35 or to go out with his friends for $15.Which budget line equation represents the situation?
A) 35x - 15y = 175
B) 35x + 15y = 175
C) (3x + 5y) = 175
D) 175 - (35x + 15y)
Budget Line Equation
An economic model that represents all combinations of goods and services that a consumer may purchase given current prices within their income level.
Entertainment Budget
An estimate of the money allocated for leisure and entertainment activities within a certain period.
- Learn about budgeting strategies and develop competence in managing personal financial resources.
- Perform initial calculations for the determination of unit cost and the allocation of budgetary funds.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
B
Explanation :
The budget line equation needs to represent Ralph's budget of $175 for entertainment and his options of spending $35 on dates or $15 on going out with friends. This can be represented by the equation: 35x + 15y = 175, where x represents the number of dates and y represents the number of times he goes out with friends.
Learning Objectives
- Learn about budgeting strategies and develop competence in managing personal financial resources.
- Perform initial calculations for the determination of unit cost and the allocation of budgetary funds.