Larry and Megan Stein live in Dallas and enjoy going out to fancy restaurants for dinner and to coffee shops for breakfa

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answerhappygod
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Larry and Megan Stein live in Dallas and enjoy going out to fancy restaurants for dinner and to coffee shops for breakfa

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Larry and Megan Stein live in Dallas and enjoy going out to fancy restaurants for dinner and to coffee shops for breakfast. On the following graph, the purple curves U1U1 and U2U2 represent two of their indifference curves for dinners and breakfasts. They have $500 per month available to spend on eating out. The price of a breakfast is always $5. Each labeled point represents the tangency between a budget constraint and the corresponding indifference curve
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