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Suppose you have $600 to spend on either concert tickets or CDs. Concert tickets cost $20 each, and CDs cost $30 each. Let T = the number of Concert Tickets, and C = the number of CDs.
a) Write the equation of the consumer's budget constraint.
b) Using a graph, illustrate the budget constraint faced by this consumer. Be sure to label your graph carefully indicating the appropriate values on the axes. Please put the number of concert tickets (T) on the vertical axis and the number of CDs (C) on the horizontal axis. What is the value of the marginal rate of transformation between concert tickets and CDs?
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