Problem
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.
1. List the combinations of burgers and magazines that Jerry can afford.
2. What is the relative price of a magazine? Explain your answer.
3. Draw a graph of Jerry's budget line with the quantity of magazines plotted on the x-axis. Describe how his budget line changes if, other things remaining the same, the following changes occur one at a time
• The price of a magazine falls.
• Jerry's budget for burgers and magazines increases
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.