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A consumer has income of $3,000. Wine costs $3 per glass, and cheese costs $6 per pound

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw ISBN: 9780538453059 472

Solution for problem Questions for Review 21.1 Chapter 21

Principles of Economics | 6th Edition

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Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Principles of Economics | 6th Edition

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Problem Questions for Review 21.1

A consumer has income of $3,000. Wine costs $3 per glass, and cheese costs $6 per pound. Draw the consumers budget constraint. What is the slope of this budget constraint?

Step-by-Step Solution:

Problem 21.1

A consumer has income of $3,000. Wine costs $3 per glass, and cheese costs $6 per pound. Draw the consumer’s budget constraint. What is the slope of this budget constraint?

                                                          Step by Step Solution

Step 1 of 3

The budget constraint refers to the straight line that shows the combination of two commodities on both the axis and represents the amount or the units of commodities that can be purchased in the amount the people hold in hand. The budget is the basic requirement to draw a budget line and then the combinations of goods that a person can purchase through that budget is represented on the budget constraint.

Step 2 of 3

Chapter 21, Problem Questions for Review 21.1 is Solved
Step 3 of 3

Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

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A consumer has income of $3,000. Wine costs $3 per glass, and cheese costs $6 per pound