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In-Class Exercise: Ken has an entertainment budget of $120 each month. He enjoys lunches with friends and going to the movies. The price of a

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In-Class Exercise: Ken has an entertainment budget of $120 each month. He enjoys lunches with friends and going to the movies. The price of a typical lunch is $12. Movie tickets are $6 each Construct his budget set describing the budget constraint; that is, find the equation that depicts the budget line, draw the budget line, denoting the end points of the line segment (i.e. the intercepts of vertical and horizontal axes), and depict the affordable consumption bundles (also include the weak inequality that depicts the affordable consumption bundles)

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