Nicole's income is $1,000 per month. She spends all of it on shoes (S) and books (B).
Question:
Nicole's income is $1,000 per month. She spends all of it on shoes (S) and books (B). Shoes cost $50 and books cost $25. Her marginal rate of substitution for shoes with books is MRSSB = 2B/3S. Illustrate her utility-maximizing combination of shoes and books and draw her price-consumption curve if the price of books rises to $30.
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In order to have books on the horizontal axis and shoes on the ve...View the full answer
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