A person has $120 to spend on two goods (x and y) whose respective prices are $3 and $5 per unit. (a) Draw the budget line showing all the different combinations of the two goods that can be bought with the given budget. (b) What happens to the budget line if the budget (money available to spend) falls by 25%. (c) What happens to the budget line if the price of good x doubles? (d) What happens to the budget line if the price of good y falls to $4?

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2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

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