In each of the following cases, use the equation for the budget line to determine the missing value- income, quantity, or price. Then graph the budget constraint and identify the consumer's chosen consumption bundle.
a. The price of bread is $0.50 per pound and the price of butter is $0.25 per ounce. Channing spends all her income on 12 pounds of bread, 7 ounces of butter, and nothing else.(Here, you solve for income.)
b. The price of bread is $0.75 per pound and the price of butter is $0.20 per ounce. Rupert's income is $15, with which he buys 6 pounds of bread. (Here, you solve for the amount of butter.)
c. The price of bread is $0.60 per pound and Aaron's income is $40. He buys 45 pounds of bread, 26 ounces of butter, and nothing else. (Here, you solve for the price of butter.)