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Q5. (2 points) Frankie consumes only juice (OJ) and chocolate milk (CB). As always in this course, we assume that Frankie is an optimizing individual
Q5. (2 points) Frankie consumes only juice (OJ) and chocolate milk (CB). As always in this course, we assume that Frankie is an optimizing individual with preferences that are transitive, complete, reexive and strictly convex. An economist observes prices and Frankie's consumption choices for 2 months. The economist collects the following data on Frankie's consumption ((1 denotes quantity, p denotes price): month 90.] (103 POJ PCB may 2 4 4 4 jun 1 5 4 2 a) (1 point) In one graph, plot Frankie's budget constraint and optimal choice for each month. In this same graph, plot also each indifference curve that goes any optimum. Please draw consumption of juice on the horizontal axis. b) (1 point) Can it be determined whether Frankie is better off in May or June? Write one off the following: "IT CANNOT BE DETERMINED" or "Frankie is better off in May" or "Frankie is better off in June"
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