26 Jul DESCRIBES OSCARS BUDGET CO SHOW MORE 0SCAR CONSUMES TWO GOODS WINE AND CHEESE.
a. Describes Oscars budget co Show more 0scar consumes two goods wine and cheese. His weekly income is $500. a. Describes Oscars budget constraint under the following conditions: i. Wine cost $10/bottle cheese costs $5/pound; ii. Wine costs $10/bottle cheese cost $10/pound; iii. Wine costs $20/bottle. cheese costs $10; iv. Wines costs $20/bottle. cheese costs $10/pound but Oscars income increases to $1000/week b. Describe why budget constraints ii and iii will probably provide less utility than does budget constraint i. Are there any situations where this would not be the case? c. Describe why budget constraint iv provides precisely the same options to Oscar as does budget constraint i. What income (in euros) would Oscar need if he is to afford these same options if wine cost 15 euros per bottle and cheese costs 7.50 euros per pound? How a but a situation in Engalnd where wine costs 4 per bottle and cheese cost 2 per pound? What general conclusions can you draw by comparing all the budget constraints mentioned in this part? Show less
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