A consumer has income of $3000. Wine costs $3 per glass and cheese costs $6 per pound. Draw the consumer’s budget constr
Posted: Sun Jul 03, 2022 6:57 am
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?