ECON 302 NW\

ECON 302 TIWI, Fall 2023 3 Question 3 (28 points) Page 8 Suppose that Ramit enjoys nmking "Arnold Palmer" drinks. Ilc has very particular prcfcrcnccs and must have exactly 5 ounces of sweet ten mixed with 3 ounces of lemonade. Let T be thc number of ounces of sweet tea and L be the number of ounces of lemonade. Also, Ict PT be thc pricc of sweet tea. Supposc Graham has $10 to spend on drink supplies. Also, the price of lemonade is PL = $0.25 per ounce. a) Graph Ramit's price consumption curve for the prices Pr = $0.25, and Pr = $0.50, PT = $1. Please put the number of ounces of L on the vertical axis and thc number of ounces of T on the horizontal axis. Be sure to label your graph carefully and accurately.