Business, 15.02.2021 21:10, izzythe5th

You have an income of $100 to spend on two commodities. The price of commodity 2 is constant at $1. (1) The price of commodity 1 is $2 for the first 20 units, but $1 for each additional unit exceeding 20. Draw the budget set. (2) The price of commodity 1 is $2 if 20 or fewer units are purchased, but $1 for all units (including the first 20) if more than 20 units are purchased. Draw the budget set. Now suppose income is still $100, but commodity 1 is priced according to the bulk discount of part (2) above. (3) The price of commodity 2 is $2 for the first 30 units, but $1 for each additional unit exceeding 30. Draw the budget set. (4) The price of commodity 2 is $2 if 30 or fewer units are purchased, but $1 for all units (including the first 30) if more than 30 units are purchased. Draw the budget set.

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You have an income of $100 to spend on two commodities. The price of commodity 2 is constant at $1....