This person has $150 in income and chooses to buy 30 Dr. Peppers when the price of

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This person has $150 in income and chooses to buy 30 Dr. Peppers when the price of pizza is $ 10 and when the price of pizza is $5. Draw the budget constraint when the price of pizza P = $5 and when the price of pizza P = $10. Draw both of these budget constraints together on a new graph, but not the same graph as in (a). Specifically label the intercepts of each constraint. Find the coordinates of the utility maximizing point on each budget and draw the indifference curve through the point. Finally, find the MRS at each of the optimal points. (3 points)

Posted Date: Jun 24, 2024 02:11 AM

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This person has $150 in income and chooses to buy 30 Dr. Peppers when the price of

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