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Can you help me answer questions a) and b) and explain how please? Question 4 [8 points] Chauncey likes to eat cheese while drinking wine.

Can you help me answer questions a) and b) and explain how please?

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Question 4 [8 points] Chauncey likes to eat cheese while drinking wine. He has a weekly gourmet budget of $96. In the diagram below, cheese is on the horizontal axis and wine is on the vertical axis. The intercepts are 8 bottles on the wine axis and 4 kilos on the cheese axis. Chauncey has also been observed to buy 2 kilos of cheese and 4 bottles of wine. v Budget Line a E a 2 s ti-i 567 cheese (kilo) a) Draw the budget line in the graph above using the initial drop-down. b) What are the prices of wine and cheese? (Make sure your answers are accurate to two decimal places) Price of a bottle of wine = $ Price of a kilo of cheese = $

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