=+1. An individual sets aside a certain amount of his income per month to spend on his

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=+1. An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate both the price-consumption curve associated with changes in the price of wine and the demand curve for wine.

Price Wine Price Book Quantity Wine Quantity Book Budget

$10 $10 7 8 $150

$12 $10 5 9 $150

$15 $10 4 9 $150

$20 $10 2 11 $150

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Microeconomics

ISBN: 9781292081977

8th Global Edition

Authors: Robert S. Pindyck, Daniel L. Rubinfeld

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