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If you currently have a budget of $500 to spend during the month of August on clothes and all other goods, and your mother gives you $100 to spend on clothes, draw your budget constraints both before and after receiving this gift from your mother (with clothes on the x-axis and all other goods (AOG) on the y-axis. Draw indifference curves reflecting your preferences for clothes versus all other goods. Based on this graph, explain whether you would have preferred to receive $100 from your mother with no strings attached (that is if she had said to spend it on whatever you would like, rather than clothes like concert tickets). Explain how this could relate to a public policy issue, such as giving out food stamps instead of cash subsidies.
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