Martha has $150 to spend each week and cannot borrow money. She buys malted milk balls and
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Martha has $150 to spend each week and cannot borrow money. She buys malted milk balls and the composite good. Suppose that malted milk balls cost $2.50 per bag and the composite good costs $1 per unit.
a. Sketch Martha’s budget constraint.
b. What is the opportunity cost, in terms of bags of malted milk balls, of an additional unit of the composite good?
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