Business
Business, 08.02.2021 18:40, meramera50

Louis has stable preferences (the same every year) and consumes two goods, wine and cheese. In 1994, the price of wine was $4/glass and the price of cheese was $2/ounce. Louis’s income was $60 and he bought 12 glasses of wine and 6 ounces of cheese. In 1995, wine costs $2/glass and cheese costs $4/ounce. Louis’s income is still $60. Required:
Draw both years’ budget lines. Where do they cross?

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Louis has stable preferences (the same every year) and consumes two goods, wine and cheese. In 1994,...

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