# OUESTİON4112MARKS) Record companies, faced with the growing competitions from digital music download services lower the price...

###### Question:

OUESTİON4112MARKS) Record companies, faced with the growing competitions from digital music download services lower the price of a music CD from $18.00 to$13.50. The price of a DVD is $18. Olivias income is$216 a year and she spends all of it on music CDs and movies on DVDs a) Calculate the equation for Olivia's budget line. (3 marks) b) Draw a graph of Olivia's budget line (with CDs on the horizontal axis) (3 marks) 4 12 10 0 246 10 12 14 16 18 20 CDs (per yeor The figure above illustrates Olivia's preferences. Given the price of a CD, the price of a DVD, and Olivia's income, what quantities of CDs and DVDs does Olivia buy? Explain your solution. (3 marks) c)

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