Answered: A consumer sets themselves a weekly…

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter23: Price-searcher Markets With Low Entry Barriers

Section: Chapter Questions

Problem 3CQ

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A consumer sets themselves a weekly budget of $15 for vegetables. They only eat carrots and peas. Peas cost $1.50 per pound and carrots cost $1.00 per pound.

2. Draw a budget line for the consumer showing his possible weekly consumption of peas and carrots. Label both axes with numbers and an axis title. Add a second line that shows what happens when carrots go on sale for $0.75 per pound. Upload your diagram.

Please give typed answer ASAP with proper explanation of it. Will give you thumbs up only for the correct answer. Thank you .

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