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Melinda earns $400 a month from her part-time job. She buys only two goods: X and Y. Good X costs $20 each and good Y costs $40 each.
(a) Using a chart, illustrate Melinda's budget constraint.
Good X * Price X Good Y * Price Y
0........... 0 0........... 0 2...........40 1........... 40 4...........80 2........... 80 6........... 120 3........... 120 8........... 160 4........... 160 10......... 200 5........... 200
(a) Draw a graph of Melinda's budget constraint. Explain how it illustrates the concept of Scarcity.
(b) Give one example of an allocation that is unaffordable for Melinda. Explain why.
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