Question: Can you help me answer questions a) and b) and explain how please? Question 4 [8 points] Chauncey likes to eat cheese while drinking wine.

Can you help me answer questions a) and b) and explain how please?

Can you help me answer questions a) and b) and explain how

Question 4 [8 points] Chauncey likes to eat cheese while drinking wine. He has a weekly gourmet budget of $96. In the diagram below, cheese is on the horizontal axis and wine is on the vertical axis. The intercepts are 8 bottles on the wine axis and 4 kilos on the cheese axis. Chauncey has also been observed to buy 2 kilos of cheese and 4 bottles of wine. v Budget Line a E a 2 s ti-i 567 cheese (kilo) a) Draw the budget line in the graph above using the initial drop-down. b) What are the prices of wine and cheese? (Make sure your answers are accurate to two decimal places) Price of a bottle of wine = $ Price of a kilo of cheese = $

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