Theory graph with clothes on the horizontal axis

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Reference no: EM131240836

Julia currently has a monthly apparel budget of $200 that she spends on either shoes (S) or clothing (C). The price of a pair of shoes is $25 and the price of clothes is $10. She is currently buying 2 pairs of shoes and 15 items of clothing, and her MRSCS is 0.25. 4a. Using a standard consumer choice theory graph with clothes on the horizontal axis, explain why Julia is not making the best choice for herself, using a diagram to aid your explanation. 4b. Should Julia purchase more shoes and less clothing, or should she purchase less shoes and more clothing? Again, use a diagram to aid your explanation.

Reference no: EM131240836

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