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Budget line with and without the food stamps

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John has fallen on hard times. His income per week is $400, spending $200 on food and $200 on all other goods. However, he is also receiving a social allowance in the form of 10 food stamps per week. The coupons can be exchanged for $10 worth of food, and he only has to pay $5 for such coupons. Show the budget line with and without the food stamps. If John has homothetic preferences, how much more food will he buy when he receives the food stamps?

Reference no: EM132500121

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