Final answer:
Jade can buy a maximum of 6 magazines at $4 each or 2 pies at $12 each with her $24 budget. The slope of the budget constraint is -1/3, meaning for each pie forgone, Jade can buy three magazines. The opportunity cost of a pie is 3 magazines.
Step-by-step explanation:
Jade has a weekly budget of $24, which she allocates to purchasing magazines and pies. If the price of a magazine is $4 each, Jade can maximally purchase:
24 (budget) ÷ 4 (price per magazine) = 6 magazines.
Therefore, the maximum number of magazines she could buy in a week is 6 magazines.
Similarly, if the price of a pie is $12, Jade can afford:
24 (budget) ÷ 12 (price per pie) = 2 pies.
The maximum number of pies she could buy in a week is 2 pies.
For the budget constraint, the slope can be found by dividing the price of one magazine by the price of one pie.
4 (price per magazine) ÷ 12 (price per pie) = 1/3.
The slope of the budget constraint is -1/3, indicating that for every pie forgone, Jade can purchase three magazines.
The opportunity cost of purchasing a pie is the number of magazines she has to give up, which would be 3 magazines ($12 ÷ $4 = 3 magazines).