1. Zachary has $5 to spend on two goods: video games and hot dogs. Hot dogs cost...
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1. Zachary has $5 to spend on two goods: video games and hot dogs. Hot dogs cost $1 apiece while video games cost 50 cents apiece.
a. Draw a graph of Zachary’s budget constraint, placing video games on the y axis.
b. Suppose the price of hot dogs falls to 50 cents apiece.
Draw the new budget constraint.
c. Suppose Zachary now has $8 to spend. Draw the new budget constraint using the prices from b.
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