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1. An individual sets aside a certain amount of his income per month to spend on his two hobbies; col- lecting wine and collecting books.

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1. An individual sets aside a certain amount of his income per month to spend on his two hobbies; col- lecting wine and collecting books. Given the infor- mation below, illustrate both the price-consumption curve associated with changes in the price of wine and the demand curve for wine. PRICE PRICE QUANTITY QUANTITY WINE BOOK WINE BOOK BUDGET $10 $10 8 $150 $12 $10 9 $150 $15 $150 $150

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