Solution-Make a graph with the servings of vegetables v

Make a graph with the servings of vegetables v

Reference no: EM132488468

1. There are two goods: servings of vegetables v and number of cookies c. As an economist, a parent wishes to use economics to encourage healthy eating by his child, Ricardo. Therefore, the parent charges Ricardo $1 for each cookie he eats but pays Ricardo $2 for every serving of vegetables he eats. As an additional check to ensure healthy eating, Ricardo is allowed a maximum of 10 cookies. Ricardo is also given an allowance of $5. Note: there is no time dimension here. For example, Ricardo cannot save cookies for later or consume cookies that were saved previously.

a. Make a graph with the servings of vegetables v on the horizontal axis and the number of cookies c on the vertical axis. Draw the budget set, specifying the bundles at any intercepts or kinks.

Reference no: EM132488468

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Make a graph with the servings of vegetables v

Reference no: EM132488468

Reference no: EM132488468

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