Q Question 1: Mike’s budget for fast-food meals and CDs is $100 per week. The price of a fast-food meal is $5 and the price of a CD is $10. I) Write down Mike’s budget line. [Hint: P_meal×Q_meal+P_CD×Q_CD=I]

Q II) Write down Mike’s new budget line if: (1) Mike’s budget increases from $100 to $200 per week. (2) Mike’s budget decreases from $100 to $50 per week.(3) The price of a fast-food meal rises from $5 to $10.(4) The price of a CD falls to $5.Question 2: Jerry’s burger and magazine budget is $12 a week. The price of a burger is $2, and the price of a magazine is $4. I) Write down Jerry’s budget line.

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