A consumer has income of $3000. Wine costs $3 per glass and cheese costs $6 per pound. Draw the consumer’s budget constr

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

A consumer has income of $3000. Wine costs $3 per glass and cheese costs $6 per pound. Draw the consumer’s budget constr

Post by answerhappygod »

A consumer has income of $3000. Wine costs $3 per glass andcheese costs $6 per pound. Draw the consumer’s budgetconstraint.What is the slope of this budget constraint?Draw a consumer’s indifference curves for wine and cheese.Describe and explain four properties of these indifferencecurves.Pick a point on a indifference curve for wine and cheese andshow the marginal rate of substitution. What does the marginal rateof substitution tell us?
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply