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Draw the consumer budget line

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Suppose that item 1 is pumpkin and item 2 is milk. Suppose that m = 54. Suppose that pumpkins are p 1 = 2 each. Milk is p 2 = 7 per gallon for the ?rst two gallons. After the second gallon, it drops to 4 per gallon. Suppose that m decreases from 54 to 22. Draw the consumer's budget line. Solve for the intercepts on the x 1 and x 2 axes, and the kink in the budget line.

Reference no: EM133084214

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