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1. A household allocates its $3000 monthly income to the purchase of 4 goods with prices $25, $50, $20, and $35 per unit. (a) Write
1. A household allocates its $3000 monthly income to the purchase of 4 goods with prices $25, $50, $20, and $35 per unit.
(a) Write the household monthly budget constraint.
(b) If this household purchases 40 units of good 3 and 20 units of good 1 each month, write its
budget equation and graph it. What is the slope of the budget line?
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