Answer :
Certainly, let's solve each part of the question in a detailed, step-by-step manner.
### Question 7 (5 points)
After your budget changed, which month had greater fixed expenses?
To determine this, we need to look at the fixed expenses for each month after the budget change:
- August: [tex]$1200 - September: $[/tex]1150
- October: [tex]$1350 By comparing these values, we see that October has the greatest fixed expenses of $[/tex]1350.
Answer: October had the greatest fixed expenses after the budget changed.
### Question 8 (5 points)
Which variable expenses did you change in order to maintain your goal of saving at least [tex]$100 by the end of October? To answer this question, let's compare the initial and the new variable expenses: - Initial Variable Expenses: - Groceries: $[/tex]300
- Entertainment: [tex]$150 - Utilities: $[/tex]100
Total Initial Variable Expenses: [tex]$300 + $[/tex]150 + [tex]$100 = $[/tex]550
- New Variable Expenses:
- Groceries: [tex]$250 - Entertainment: $[/tex]100
- Utilities: [tex]$90 Total New Variable Expenses: $[/tex]250 + [tex]$100 + $[/tex]90 = [tex]$440 The difference in savings between the initial and new variable expenses is: $[/tex][tex]$ \text{Savings Initial} - \text{Savings New} = 550 - 440 = 110 $[/tex][tex]$ We see that we saved an additional $[/tex]110 due to changes in variable expenses, which is more than our goal of saving at least [tex]$100. Now, let's detail the specific changes in each category: - Groceries: Reduced by $[/tex]50 ([tex]$300 - $[/tex]250)
- Entertainment: Reduced by [tex]$50 ($[/tex]150 - [tex]$100) - Utilities: Reduced by $[/tex]10 ([tex]$100 - $[/tex]90)
So, the total reductions are:
- Groceries: [tex]$50 - Entertainment: $[/tex]50
- Utilities: [tex]$10 Answer: To maintain the goal of saving at least $[/tex]100 by the end of October, the changes in variable expenses were:
- Groceries: Reduced by [tex]$50 - Entertainment: Reduced by $[/tex]50
- Utilities: Reduced by $10
### Question 7 (5 points)
After your budget changed, which month had greater fixed expenses?
To determine this, we need to look at the fixed expenses for each month after the budget change:
- August: [tex]$1200 - September: $[/tex]1150
- October: [tex]$1350 By comparing these values, we see that October has the greatest fixed expenses of $[/tex]1350.
Answer: October had the greatest fixed expenses after the budget changed.
### Question 8 (5 points)
Which variable expenses did you change in order to maintain your goal of saving at least [tex]$100 by the end of October? To answer this question, let's compare the initial and the new variable expenses: - Initial Variable Expenses: - Groceries: $[/tex]300
- Entertainment: [tex]$150 - Utilities: $[/tex]100
Total Initial Variable Expenses: [tex]$300 + $[/tex]150 + [tex]$100 = $[/tex]550
- New Variable Expenses:
- Groceries: [tex]$250 - Entertainment: $[/tex]100
- Utilities: [tex]$90 Total New Variable Expenses: $[/tex]250 + [tex]$100 + $[/tex]90 = [tex]$440 The difference in savings between the initial and new variable expenses is: $[/tex][tex]$ \text{Savings Initial} - \text{Savings New} = 550 - 440 = 110 $[/tex][tex]$ We see that we saved an additional $[/tex]110 due to changes in variable expenses, which is more than our goal of saving at least [tex]$100. Now, let's detail the specific changes in each category: - Groceries: Reduced by $[/tex]50 ([tex]$300 - $[/tex]250)
- Entertainment: Reduced by [tex]$50 ($[/tex]150 - [tex]$100) - Utilities: Reduced by $[/tex]10 ([tex]$100 - $[/tex]90)
So, the total reductions are:
- Groceries: [tex]$50 - Entertainment: $[/tex]50
- Utilities: [tex]$10 Answer: To maintain the goal of saving at least $[/tex]100 by the end of October, the changes in variable expenses were:
- Groceries: Reduced by [tex]$50 - Entertainment: Reduced by $[/tex]50
- Utilities: Reduced by $10
