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Assignment help 3861

John makes $50 a day at his job and spends his entire daily income on apple and orange juices. Apple and orange juices are perfect substitutes for John. Put Apple juice on x-axis and orange juice on y-axis.a)If apple juice costs $2 and orange juice costs $2, and John is willing to substitute one apple juice for one orange juice, how many will John consume of each?b)If apple juice costs $4 now and orange juice’s price stays the same, given that John is willing to substitute one apple for one orange juice, how many will John consume of each?c)If now John is only willing to substitute one apple for 3 orange juices, given price of apple juice is $4 and price of orange juice is still $2, how many will John consume of each?d)If now John’s income increased $100 a day, how does it affect his consumption of the two juices in part a), b), and c)?

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