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Houston and enjoys drinking lattes and eating scones

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Caroline lives in Houston and enjoys drinking lattes and eating scones. The price of a latte is held constant at $2 throughout this problem. On the following graph, the purple curves (I1 and I2) represent two of Caroline's indifference curves. The lines BC1 and BC2 show two budget constraints. Points X and Y show Caroline's optimum consumption bundles subject to these budget constraints.

Reference no: EM133313885

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