Choice in a World of Scarcity Problem set: A student has a monthly budget of $120...
Choice in a World of Scarcity Problem set:
A student has a monthly budget of $120 to spend on either burritos, which cost $6 each or sodas, which cost $4 each.
1.) Which combinations would leave some budget unspent-those to the left of the line in the above graph or those to the right of the line in the above graph?
2.) What is the equation for the students budget constraint? In your equation, use Q1 as the variable to represent the quanitity of burritos and Q2 to represent the quantity of sodas.
3.) What is the opportunity Cost for a burrito?
4.) What is the opportunity cost for a soda?
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Choice in a World of Scarcity Problem set:
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